The Australian Dollar appreciated about 131 base points against the US Dollar on Friday. The currency pair breached the three simple moving averages during Friday’s trading session.
The exchange rate is currently testing the upper boundary of a junior descending channel pattern at 0.7132.
If this resistance level formed by the upper border of the channel as mentioned above holds, the currency exchange rate could aim for a re-test of the 50-, 100-, and 200-hour SMAs at 0.7028.
However, if the rate breaks the junior descending pattern, the price is likely going to target the weekly R1 at 0.7246.
