Downside risks prevailed in the market on Friday, thus allowing the Australian Dollar to declined about 40 base points against the US Dollar. The currency pair breached the 50-, 100– and 200-hour SMAs during Friday’s trading session.

A traditional monthly pivot point at 0.7090 provided support for the exchange rate during the morning hours of Monday’s session.

If this support level holds, bullish traders will aim for a resistance line at 0.7143 within this session.

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However, if the currency exchange rate passes the support level as mentioned earlier, the next target for the pair will be near the weekly S1 at 0.7064.

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