The AUD/USD currency pair has declined by about 45 basis points since Monday’s trading session. The100– hour simple moving average at 0.6752 provided support for the Aussie on Monday.
The exchange rate will likely continue to edge lower until it reaches the lower boundary of an ascending channel pattern at 0.6728.
However, the 200– hour SMA at 0.6752 could provide support for the currency exchange rate in the short-term.
Meanwhile, technical indicators demonstrate that bulls are likely to prevail in the market today.
