The Australian Dollar appreciated about 73 basis points against the US Dollar on Wednesday. The currency pair breached both the 50– and 100– hour SMAs at 0.6771 area during the Asian session on Thursday.
Most likely, the exchange rate will aim for a resistance cluster formed by the weekly pivot point and the 200-hour simple moving average at 0.6823 during the following trading session.
If the currency exchange rate surpasses the resistance cluster as mentioned above, the next target for bullish traders would be near the upper boundary of a descending channel pattern at 0.6850.
