The Australian Dollar declined by 45 pips or 0.68% in value against the US Dollar on Thursday. The currency pair breached the 50– hour simple moving average during yesterday’s trading session.
The exchange rate bounced off a support level formed by the 100– hour SMA at 0.6584 during the morning hours of today’s session.
Most likely, the AUD/USD pair will edge higher within the following trading session. The possible target will be at 0.6667.
Furthermore, technical indicators flash bullish signals on the 4– hour time frame chart.
