The AUD/USD exchange rate depreciated about 63 basis points on Wednesday. The pair tested a support level formed by the 61.80% Fibonacci retracement level at 0.6738 during yesterday’s trading session.
The Aussie bounced off the 61.80% Fibo during the morning hours of Thursday’s session. As a result, the currency pair has breached both the 50-, 100– and 200– hour SMAs.
Most likely, the currency exchange rate might continue to gain strength until the end of today’s trading session. Bullish traders could target the weekly R1 at 0.6848.
