The Australian Dollar appreciated about 48 base points against the US Dollar on Monday. The currency pair was supported by a cluster formed by the weekly pivot point and the 100-hour simple moving average at 0.7135.
As for the near future, it is likely that the AUD/USD exchange rate will aim for a re-test of the support cluster as mentioned earlier.
If the cluster holds, bullish traders could push the currency exchange rate towards a weekly resistance level at 0.7201 today.
However, if the currency exchange rate passes the support line, a decline towards the 0.7100 regions could be expected.
