Fri, Jan 15, 2021 @ 20:57 GMT
Home Contributors Technical Analysis AUD/USD Bounces Off Support

AUD/USD Bounces Off Support

The Australian Dollar declined by 47 pips or 0.60% against the US Dollar on Wednesday. The decline was stopped by a support cluster formed by the 50-, 100– and 200– hour SMAs at 0.7740 during yesterday’s trading session.

Given that the exchange rate has bounced off from the support cluster, bullish traders could continue to pressure the AUD/USD currency pair higher during the following trading session.

However, a resistance line at 0.7780 might provide a barrier for the currency exchange rate within this session.

Dukascopy Swiss FX Group
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.

Featured Analysis

Learn Forex Trading