AUD/USD Analysis: Finds support level

AUD/USD

The Australian Dollar has depreciated about 40 base points against the US Dollar since yesterday's trading session. The decline was stopped by the 200-hour simple moving average at 0.7138.

Everything being equal, it is likely that the currency exchange rate will continue its downside movement within this session. Bears could drag the rate towards a support level at 0.7111.

However, if the support line formed by the 200-hour SMA at 0.7138 holds, a surge towards the upper boundary of a dominant descending channel at 0.7197 could be the next target.

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