The Australian Dollar declined by 60 pips or 0.77% against the US Dollar on Friday. The AUD/USD currency pair breached the 50– and 200– hour SMAs during Friday’s trading session.
All things being equal, the exchange rate could continue to edge lower during the following trading session. The potential target for bearish traders will be near the weekly S1 at 0.7680.
However, given that the currency exchange rate has bounced off from the support line at 0.7712, buyers might target the 0.7780 level within this session.
