The Australian Dollar depreciated by 62 basis points against the US Dollar on Friday. The currency pair breached the 50– hour simple moving average at 0.6894 during Friday’s trading session.
Currently, the exchange rate is testing a support cluster formed by the 50.00% Fibonacci retracement level and the combination of the weekly and monthly pivot points at 0.6870.
If the support cluster holds, the currency exchange rate will continue to trade north in the nearest future.
However, if the pair breaks the 50.00% Fibo level, bearish traders would continue to drive the AUD/USD pair lower during the following trading session.
