The Australian Dollar declined by 26 points or 0.35% against the US Dollar on Friday. The decline was stopped by the 50– hour simple moving average during Friday’s trading session.
Most likely, the exchange rate could continue to edge lower during the following trading session. Bears might pressure the AUD/USD pair towards a support cluster at the 0.7403 level.
A potential upside reversal could occur from the support cluster formed by the weekly pivot point and the 100– hour SMA at 0.7403 within this session.
