Downside risk dominated the Australian Dollar against the US Dollar on Thursday. The Aussie depreciated about 1.07% in value against the Greenback during yesterday’s trading session.
The currency pair is currently testing a resistance level formed by the 200-hour simple moving average at 0.7090.
If the exchange rate passes the 200-hour SMA, the next target for bearish traders within this session will be at 0.7071.
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Although, if the support level as mentioned earlier holds, the currency exchange rate will aim for a re-tests of a resistance cluster at 0.7145.
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