A resistance level formed by a traditional monthly pivot point at 0.7105 restricted the Australian Dollar from making an upward movement against the US Dollar on Friday.
If the exchange rate passes the monthly PP as mentioned above, the next target for bullish traders will be near a resistance cluster formed by the 100-hour simple moving average and the weekly pivot point at the 0.7139 area.
However, if the monthly PPP continues to hold, a breakout through the lower boundary of a medium-term ascending channel pattern could be expected during the following trading session.
