During the past 48 hours, the Australian Dollar has appreciated about 92 base points against the US Dollar. The 200-hour simple moving average was providing support for the pair at 0.6980 during the morning hours of Friday’s trading session.
Most likely, the exchange rate will aim for a resistance level formed by the weekly R1 at 07035 within this session.
If the resistance line holds, a potential downside reversal could be expected before the end of today’s session.
Meanwhile, technical indicators demonstrate that the currency exchange rate might make a brief retracement down today.