The Australian Dollar appreciated about 52 base points against the US Dollar on Friday. The exchange rate dashed through the 200-hour simple moving average during Friday’s trading session.
The currency pair has revealed a new junior ascending channel pattern, which has guided the rate higher.
If the resistance level formed by the upper border of the pattern holds, a reversal south could occur within this session.
Although, if the rate passes the resistance level, the next target for bullish traders will be near the 0.7050 mark.
