The Australian Dollar declined by 45 pips or 0.60% against the US Dollar on Friday. The decline was stopped by the 50– hour simple moving average during Friday’s trading session.
Everything being equal, the exchange rate could continue to edge higher in an ascending channel pattern during the following trading session. The possible target for the AUD/USD pair would be near the weekly resistance level at 0.7610.
However, a resistance level at 0.7567 could provide resistance for the currency exchange rate in the shorter term.
