The Australian dollar fell by 86 basis points or 1.31% against the US dollar on Monday. The 100- and 200-hour SMAs supported the currency pair during yesterday’s trading session.
The decline continued during the Asian session on Tuesday. As a result, the exchange rate brought the lower bound for a rising channel pattern. Probably AUD / USD will continue to fall today. The possible target for bearish traders would be on the weekly support line of 0.6419.
However, the weekly turning point of 0.6483 could provide resistance to the exchange rate within this session.