The Australian Dollar has appreciated about 0.70% in values against the US Dollar since Friday’s trading session. The currency pair tested a resistance level formed by the weekly R1 at 0.7116 during the morning hours of today’s session.
After hitting the weekly resistance level as mentioned above, the exchange rate began to decline. The possible downside target for bearish traders will be near the bottom end of a bullish engulfing candlestick formation at 0.7091.
If the support level at 0.7091 holds, the currency exchange rate will continue its upside movement during the following trading session.
