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.
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.