During yesterday’s trading session, the Australian Dollar depreciated about 48 basis points against the US Dollar. The currency pair breached the monthly pivot point at 0.6759.
The exchange rate tested the 50.00% Fibonacci retracement level at 0.6754 during the first half of today’s trading session.
If the support level formed by the 50.00% Fibo holds, a surge towards the 0.6820 area could be expected within this session.
Although, technical indicators suggest that the currency exchange rate might continue its southern movement during the following trading session.
