The Australian Dollar declined by 97 pips or 1.58% in value against the US Dollar on Wednesday. The currency pair breached the 50– and 100– hour simple moving average during yesterday’s trading session.
As for the near future, the exchange rate will likely continue to edge lower until it reaches a support cluster formed by the 200– hour simple moving average and the monthly pivot point at 0.6021.
On the other hand, the currency exchange rate might make a brief upward movement towards the 0.6200 within the following trading session.
