The Australian Dollar declined by 45 basis points or 0.67% in value against the US Dollar on Friday. The 50– hour simple moving average has continued to pressure the currency pair lower during the previous session.
The AUD/USD exchange rate is currently testing the 50– hour SMA resistance level at 0.6707.
If the resistance level holds, bearish traders would continue to drive the price lower within this session.
However, if the currency exchange rate breaks the 50– hour SMA, a surge towards the 0.6760 area could be expected.
