The Australian Dollar declined by 98 basis points or 1.61% in value against the US Dollar on Thursday. The currency pair tested a support cluster formed by the 200– hour simple moving average and the weekly pivot point at 0.6018 during yesterday’s trading session.
By and large, the exchange rate could edge higher within this session. Bullish traders are likely to target the upper boundary of a descending channel pattern at 0.6150.
Although, a resistance cluster formed by the 50– and 200– hour SMAs at the 0.6056 could provide resistance for the currency exchange rate during the following trading session.
