During Friday’s trading session, the currency exchange rate was supported by the 55-hour simple moving average after which, the rate slumped to the 111.40 level. On Monday morning, the rate resisted by the 100-hour SMA to be located at the 111.50 mark.
In regards to the near-term future, the rate will break the weekly pivot point at 111.46 mark to trade sideways at the 111.50 level.
However, the resistance levels of the 55-hour and the 100-hour simple moving averages could retrace the rate to push it to depreciate to the bottom boundary of the trend line at the 111.20 level.
