The Australian Dollar depreciated by 298 pips or 4.94% in value against the US Dollar on Wednesday. The currency pair tested the psychological support level at 0.5500 during the morning hours of Thursday’s trading session.
All things being equal, the exchange rate could make a slight upward movement towards the 100– hour simple moving average and the monthly S3 at 0.6032 within this session.
Technical indicators demonstrate that the currency exchange rate will continue to trade bearish during the following trading session.
