The Australian Dollar fell by 54 basis points against the US Dollar on Friday. The currency pair tested a support level formed by the monthly pivot point at 0.6934 during the morning hours of Monday’s trading session.
If the support level, as mentioned earlier holds, bullish traders might drive the exchange rate towards a resistance cluster formed by the combination of the 50– and 200– hour SMAs and the weekly PP at 0.6960.
However, if the currency exchange rate breaks the monthly PP, the next target for bears would be at the 0.6900 area.
