The Australian Dollar depreciated about 40 base points against the US Dollar on Monday. The currency pair tested the lower boundary of an ascending channel at 0.7192 during yesterday’s trading session.
A breakout occurred through the lower boundary of the channel pattern during the European trading session on Tuesday.
Most likely, it is possible that the currency exchange rate targets a support cluster formed by the weekly S1 and the 200-hour SMA at 0.7138 today.
However, a support level set by the 100-hour simple moving average at 0.7192 could hinder such movement
