The Australian Dollar declined by 63 pips or 0.79% against the US Dollar on Monday. The currency pair tested the 50– hour simple moving average during Monday’s trading session.
Currently, the AUD/USD exchange rate is trading near the 50– hour SMA at the 0.7832 level.
If the support line set by the 50–hour moving average holds, bullish traders might pressure the price higher today.
However, if the currency exchange rate breaks the support level, the next target for sellers would be near the 0.7750 area.
