The AUD/USD currency pair bounced off a support level at 0.7109 on Friday. As a result, the Australian Dollar edged higher by 41 pips or 0.58% against the US Dollar during Friday’s trading session.
Given that the exchange rate has breached the resistance level of the 50– hour simple moving average at 0.7147, buyers could continue to drive the price higher during the following trading session.
However, bullish traders could find resistance formed by the weekly pivot point at 0.7204 within this session.
