The Australian Dollar declined by 50 points or 0.67% against the US Dollar on Tuesday. The currency pair breached the 50– hour simple moving average during Tuesday’s trading session.
Currently, the exchange rate is testing a support line formed by the 100– hour SMA at 0.7334.
If the support level holds, bullish traders could pressure the price towards the 0.7439 area during the following trading session.
However, if the currency exchange rate breaks the 100– hour SMA, a decline towards the weekly and monthly PPs at 0.7284 could be expected today.
