The 50– hour simple moving average has continued to pressure the Australian Dollar lower against the US Dollar. The currency pair depreciated about 30 basis points during yesterday’s trading session.
By and large, the exchange rate will most likely continue to maintain the descending channel pattern within the following trading session. The AUD/USD pair could target the weekly S1 at 0.6763 today.
On the contrary, the currency exchange rate might break the 50– hour SMA resistance level and make some upside movement during the following trading session.
