The Australian Dollar declined by 85 basis points or 1.08% against the US Dollar on Thursday. The decline was stopped by the 100– hour simple moving average at 0.7740 during yesterday’s trading session.
Given that the currency pair has bounced off the 100– hour SMA, bullish traders are likely to pressure the exchange rate higher during the following trading session. The potential target for bulls would be near the weekly R2 at 0.7848.
However, the 50– hour simple moving average at 0.7778 could provide resistance for the currency exchange rate within this session.
