The Australian Dollar surged by 52 basis points or 0.72% against the US Dollar on Thursday. However, the currency pair surrendered the earlier gains by the end of Thursday’s trading session.
The exchange rate is currently trading near a support cluster formed by the 50– and 100– hour SMAs at 0.7274.
If the support cluster holds, a breakout through the upper boundary of a descending channel pattern could occur within this session.
However, if the currency exchange rate breaks the cluster, bears could pressure the price towards the 0.7220 level today.
