The Australian Dollar bounced off a support cluster formed by the combination of the weekly and the monthly pivot points and the 200-hour simple moving average at 0.7150 during the Asian session on Wednesday.
By the middle of the European trading session, the exchange rate had surged about 53 base points.
Most likely, the bullish momentum could continue within the next hours and possibly aim for a resistance level at 0.7220.
If the resistance line as mentioned earlier holds, a potential downside movement might occur.
