The Australian Dollar appreciated about 53 base points against the US Dollar on Thursday. The currency pair breached the weekly R1 at 0.7062 at the end of yesterday’s trading session.

Everything being equal, it is likely that the AUD/USD exchange rate will make a brief retracement down towards a support cluster formed by the 50– and 100-hour SMAs at 0.7031.

If the support cluster holds, a potential upside reversal could occur during the following trading session.

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