The Australian Dollar declined by 59 points or 0.79% against the US Dollar on Wednesday. The currency pair tested a support cluster formed by the 50– and 100– hour SMAs during yesterday’s trading session.
Technical indicators demonstrate buying signals on the 4H, daily and weekly time-frame charts. Therefore, bullish traders might pressure the AUD/USD exchange rate higher during the following trading session.
However, a resistance level at 0.7483 could provide a barrier for the currency exchange rate within this session.
