Since yesterday’s trading session, the Australian Dollar has declined by 64 basis points against the US Dollar. The currency pair breached the 50– and 100– hour SMAs during Thursday’s trading session.
Currently, the exchange rate is testing a support cluster, formed by the 200– hour simple moving average and the monthly pivot point at 0.6952.
If the support cluster holds, bulls could take control of the market during the following trading session.
However, if the currency exchange rate breaks the support lines, a decline towards the weekly PP at 0.6934 could be expected today.
