The Australian Dollar appreciated about 85 base points against the US Dollar on Friday. The currency pair was driven higher by the 50-hour simple moving average during Friday’s session.
The exchange rate was trading below the monthly pivot point at 0.7328 during the morning hours of Monday’s session.
If this resistance level holds, the currency exchange rate will aim at a support cluster formed by the combination of the 100– and 200-hour SMAs near 0.7256 within this session.
However, if the rate passes the resistance line, the pair will aim for a re-tests of the upper boundary of a junior ascending channel pattern at 0.7340.
