The AUD/USD currency pair bounced off from a support cluster at 0.7740 on Thursday. As a result, the Australian Dollar surged by 56 points or 0.72% against the US Dollar during yesterday’s trading session.
The exchange rate is currently trading near the support cluster formed by the weekly pivot point and the 100– hour simple moving average at 0.7740.
If the cluster holds, bullish traders are likely to continue to pressure the price higher during the following trading session.
However, if the currency exchange rate breaks the barrier, a decline towards the 0.7700 level could be expected today.
