The Australian Dollar fell by 46 pips or 0.60% against the US Dollar on Thursday. The decline was stopped by the 200– hour simple moving average during yesterday’s trading session.
Given that the exchange rate has bounced off from a support cluster formed by the 50– and 200– hour SMAs, bullish traders are likely to continue to pressure the AUD/USD pair higher during the following trading session.
However, the weekly R1 at 0.7803 could provide resistance for the currency exchange rate today.
