The Australian Dollar appreciated about 49 base points against the US Dollar on Friday. The currency pair breached both the 100– and 200-hour SMAs during Friday’s trading session.
The exchange rate was testing the upper boundary of a descending channel pattern at 0.7126 during the morning hours of today’s trading session.
If the resistance level formed by the upper band of the descending channel holds, a decline towards the weekly pivot point at 0.7103 could be expected within this session.
However, if the currency exchange rate passes the resistance line, a surge towards the weekly R1 at 0.7143 will be the next targets for bulls.
