Downside risks dominated the Australian Dollar against the US Dollar on Friday. As a result, the AUD/USD currency pair declined by 84 pips or 1.12% during Friday’s trading session.
Given that the 50– and 200– hour simple moving averages are above the current price level, bearish traders could continue to drive the exchange rate lower during Monday’s trading session.
However, bearish traders are likely to encounter a support level at 0.7450 during the following trading session.
