The Australian Dollar declined by 42 basis points or 0.54% against the US Dollar on Monday. The 50-, 100– and 200– hour SMAs provided resistance for the currency pair during yesterday’s trading session.
As for the near future, the exchange rate could continue to edge lower in a descending channel pattern. Bearish traders are likely to target the 0.7660 level during the following trading session.
On the other hand, the AUD/USD currency exchange rate could reverse from the current price level at 0.7680 and slide higher within this session.
