On Thursday, the 200– hour simple moving average pressured the AUD/USD currency pair lower. As a result, the Australian Dollar declined by 66 pips or 0.88% against the US Dollar.
All things being equal, the exchange rate could continue to edge lower during the following trading session. The potential target for bearish traders will be near the 0.7380 area.
However, the weekly support level at 0.7400 could provide support for the currency exchange rate within this session.
