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.
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.