The Australian Dollar declined by 28 pips or 0.36% against the US Dollar on Thursday. The currency pair reversed from the weekly R1 at 0.7780 during Thursday’s trading session.
All things being equal, the exchange rate could continue to edge lower during the following trading session. The possible target for the AUD/USD pair would be near the lower line of an ascending channel pattern at 0.7700.
However, a support cluster formed by the weekly pivot point and the 200– hour SMA at 0.7723 could provide support for the currency exchange rate within this session.
