The Australian Dollar depreciated by about 40 base points against the US Dollar on Friday. The currency pair breached the 200-hour simple moving average at 0.7091 during Friday’s trading session.
Today’s session began with an upside sentiment, and by the middle of the trading hours, the exchange rate has breached a counter trendline.
Given that a counter trendline break had occurred, it is likely that the currency exchange rate could aim for a resistance cluster formed by the 50– and 100-hour SMAs and the weekly PP at 0.7102.
However, a resistance line, formed by the 200-hour simple moving average at 0.7091 could hinder such movement today.
