During the past 24 hours, the Australian Dollar has moved just 32 pips against the US Dollar. The currency pair breached the weekly R2 at 0.7006 during the morning hours of Friday’s trading session.
Most likely, the exchange rate will continue its upside movement today. The potential target for bullish traders will be near a resistance level formed by the monthly R2 at 0.7036.
If the weekly R2 holds, the currency exchange rate will make a brief retracement towards the support level set by the 50-hour simple moving average at 0.6995 during the following trading session.
