The Australian Dollar appreciated about 54 base points against the US Dollar on Thursday. The currency pair breached the 50.00% Fibonacci retracement level at the end of yesterday’s trading session.
Everything being equal, it is likely that the AUD/USD currency pair could make a pullback towards a support cluster formed by the 50– and 200-hour SMAs at 0.6901 within this session.
If this support cluster holds, bulls are likely to push the currency exchange rate towards the 61.8% at 0.6955 Fibonacci retracement level during the following trading session.
