After hitting a resistance level formed by the weekly R1 at 0.7116, the Australian Dollar began to depreciate. The Aussie lost about 0.43% of its values against its US counterpart.
The exchange rate is currently testing a support line formed by the 50-hour simple moving average at 0.7096. If the support level holds, the currency exchange rate will continue its upside journey during the following trading session.
However, if the AUD/USD exchange rate passes the 50-hour SMA, bearish traders could push the pair towards the weekly PP at 0.7071.
