The Australian Dollar has appreciated about 65 base points against the US Dollar since June 21. The currency pair was guided higher by the 50-hour simple moving average.

The exchange rate was trading below a resistance level formed by the weekly R1 at 0.6968.

If this resistance level holds, the AUD/USD currency pair could edge lower within this session.

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On the other hand, if the currency exchange rate passes the weekly R1, the next target for bullish traders will be at the upper boundary of an ascending channel at 0.70.

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