The Australian Dollar appreciated about 40 base points against the US Dollar on Thursday. The currency pair tested a resistance level formed by the 200-hour SMA at 0.6903 during the Asian session on Friday.
If the 200-hour simple moving average holds, a decline towards the monthly pivot point at 0.6864 could be expected within this session.
On the other hand, if the exchange rate reverses from the current price level at 0.6901 and dashes through the moving average, the currency exchange rate could end this week’s trading sessions on bullish momentum.
