The Australian Dollar appreciated about 103 base points against the US Dollar on Friday. The currency pair tested the upper boundary of a junior ascending channel pattern at 0.7200 during the previous trading session.
As for the near future, it is likely that the AUD/USD currency exchange rate makes a brief retracement down towards a support cluster formed by the combination of the weekly and the monthly PPs and the 200-hour simple moving average at 0.7152.
A potential upside reversal from the support level as mentioned above could follow thereafter. Traders should look for opportunities to trade if the support level holds.
