The 200-hour simple moving average, located at the 0.7120 regions restricted the Australian Dollar from regaining some of its lost positions against the US Dollar on Thursday.

Currently, the exchange rate is trading near the resistance level formed by the 200-hour SMA and could be preparing for a breakout.

If this breakout occurs, the next target for bullish traders will be near the weekly resistance level at 0.7177.

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However, if the 200-hour SMA holds, the currency exchange rate could aim at the weekly S1 at 0.7083 today

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