The Australian Dollar depreciated about 70 base points against the US Dollar on Friday. The decline began after the US macroeconomic data releases. The pair tested the monthly pivot point at 0.6961.
The currency pair bounced off the support level at the end of Friday’s trading session.
Most likely, the currency exchange rate could aim for the 0.7020 area within this session.
However, a resistance cluster formed by the 50-, 100– and 200-hour SMAs near 0.7007 could provide resistance for the pair today.
