The Australian Dollar climbed by 76 pips or 0.98% against the US Dollar on Wednesday. The surge was stopped by the weekly resistance level at 0.7814 during the Asian session on Thursday.
If the AUD/USD currency exchange rate breaks the weekly R1 at 0.7814, bullish traders are likely to target the 0.7880 level within this session.
However, if the resistance level holds, a decline towards the 200– hour simple moving average at 0.7755 could be expected during the following trading session.
