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.
