The Australian Dollar declined by 87 basis points or 1.13% against the US Dollar on Monday. The drop was stopped by the 100– hour simple moving average and the weekly pivot point at 0.7663 during yesterday’s trading session.
Given that the currency pair has bounced off from the support cluster at 0.7663, bullish traders are likely to continue to pressure the AUD/USD exchange rate higher during the following trading session.
However, a resistance level at 0.7740 could provide resistance for the currency exchange rate within this session.
