AUD/USD analysis: Bounces off support

Dukascopy Bank Team Dukascopy Bank SA

The Australian Dollar fell by 58 pips or 0.74% against the US Dollar on Thursday. The currency pair breached the 50– and 200– hour SMAs during Thursday's trading session.

The exchange rate bounced off a support level at 0.7706 during the Asian session on Friday. Most likely, buyers could continue to pressure the AUD/USD pair higher within this session.

However, the upper line of a descending channel pattern and the 50– hour simple moving average near the 0.7731 area could provide resistance for the currency exchange rate within this session.

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Dukascopy Bank Team

Dukascopy Bank SA

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