The Australian Dollar declined by 28 pips or 0.38% against the US Dollar on Monday. However, the currency pair bounced off a support line formed by the 50– hour simple moving average at 0.7288 during the Asian session on Tuesday. Given that the exchange rate has rebounded from the support level, buyers are likely to continue to push the AUD/USD exchange rate higher during the following trading session. But, bullish traders could encounter resistance at 0.7360 within Tuesday’s trading session.
