The Australian Dollar versus the US Dollar bounced off a psychological support level at 0.7000. The currency pair breached both the 50– and 100 –hour SMAs at 0.7019 during the morning hours of today’s trading session.
As for the near future, it is likely that the AUD/USD exchange rate could continue to edge higher. The pair might aim for the upper boundary of an ascending channel pattern during the following trading session.
However, a resistance level formed by the weekly R1 at 0.7062 could hinder such movement today.