The Australian Dollar fell by 55 pips or 0.70% against the US Dollar on Tuesday. The currency pair breached the 50– hour simple moving average at 0.7774 during yesterday’s trading session.
All things being equal, the exchange rate could continue to edge lower during the following trading session. The potential target for bearish traders would be near the weekly S1 at 0.7682.
However, a support cluster formed by the 200– hour SMA and the weekly pivot point at 0.7727 could provide support for the AUD/USD currency exchange rate in the shorter term.
