The Australian Dollar appreciated about 68 base points against the US Dollar on Friday. The currency pair breached a resistance cluster formed by the weekly, the monthly PPs and the 100-hour simple moving average at 0.7134.
Today’s session began with bullish sentiment, and by the middle of the trading session, the exchange rate has breached the upper boundary of a downtrend line at 0.7152.
Everything being equal, it is likely that the currency exchange rate continues its upside movement within this session. The potential upside target in the next 24hrs will be at a swing high of 0.7201.
