The Australian Dollar appreciated about 66 base points against the US Dollar on Friday. The currency pair reached a three-week high level at 0.7160 during the morning hours of today’s session.
As for the near future, it is likely that the AUD/USD exchange rate edges lower toward a support cluster formed by the monthly pivot point and the combination of the 100– and 200-hour SMAs at 0.7109.
If this support cluster as mentioned above holds, the currency exchange rate will continue its gradual upside movement during the following trading sessions.
