The Australian Dollar versus the US Dollar has been trading in a horizontal channel since September 9. The currency pair retested the upper boundary of the channel pattern at 0.6886 during Friday’s trading session.
The AUD/USD exchange rate will most likely aim for the lower border of the horizontal channel at 0.6850 within this session.
Although, a support cluster formed by the 50– and 100– hour SMAs and the weekly pivot point at 0.6874 could provide support for the currency exchange rate today and help push the price past the 0.6885 regions during the following trading session.
