The 50– and 100– hour simple moving averages continued to pressure the Australian Dollar against the US Dollar. The currency pair depreciated about 30 basis points during yesterday’s trading session.
Currently, the exchange rate is testing a support level formed by the weekly S1 near the 0.6760 area.
If the support level holds, a brief retracement towards the 50– and 100– hour SMAs at 0.6778 could follow.
However, if the currency exchange rate breaks the support line, bearish traders could drag the price towards the weekly S2 at 0.6744 within this session.
