The 50– hour simple moving average pressured the Australian Dollar against the US Dollar on Tuesday. The currency pair breached the monthly S1 at 0.6892 during yesterday’s trading session.
The exchange rate reversed from June 19 low level at 0.6864 during the morning hours of today’s session.
Currently, the pair is testing a resistance level formed by the 50-hour SMA at 0.6893 and the monthly S1 at 0.6893.
If the currency exchange rate passes the resistance cluster, a surge towards the 0.6940 area could be expected today.
