The Australian Dollar traded sideways movement against the US Dollar on Monday. The currency pair was trading near the upper band of a descending channel pattern during yesterday’s session.
The 50-hour simple moving average provided support for the exchange rate at 0.7114 during the morning hours of Tuesday’s trading session.
If this support level holds, the currency exchange rate will target a resistance level formed by the weekly R1 at 0.7246.
On the other hand, if the pair breaks the 50-hour SMA, bearish traders could push the price towards a support cluster formed by the combination of the 100-and 200-hour SMAs at 0.7050.
