AUD/USD analysis: Bounces off support

Dukascopy Bank Team Dukascopy Bank SA

AUD/USD

The Australian Dollar declined by 31 pips or 0.40% against the US Dollar on Wednesday. The currency pair continued to trade within the 0.7720/0.7760 levels during Wednesday's trading session.

The exchange rate is likely to continue to consolidate below the 0.7760 area within the following trading session.

However, given that the currency exchange rate has bounced off the support line formed by the weekly pivot point at 0.7718, bullish traders may drive the AUD/USD pair towards the 0.7780 level today.

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Dukascopy Bank Team

Dukascopy Bank SA

Dukascopy Bank stands as an innovative Swiss online banking institution, with its headquarters situated in Geneva, Switzerland.

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