The Australian Dollar is trading between the monthly pivot point at 0.7328 and the weekly R1 at 0.7308 against the US Dollar.
The exchange rate reversed from the upper boundary of a one-week ascending channel pattern at 0.7340 during the end of Thursday’s session. However, the currency pair is still pressured north by the three SMAs, which are located below the price level.
Furthermore, technical indicators suggest that the currency exchange rate will continue its upside movement today.
The potential target for the pair will be near a psychological resistance level at the 0.7400 area.
