The Australian Dollar depreciated about 50 base points against the US Dollar on Friday. The decline was stopped by a traditional weekly pivot point near 0.7187 at the end of the previous trading session.
The exchange rate tested the 100-hour simple moving average at 0.7177 during the first half of today’s session.
If this support level holds, the currency exchange rate will aim at last week’s swing high of 0.7235.
On the other hand, if the price passes the 100-hour SMA, the next target for bearish traders will be near a support cluster at 0.7139.
