The Australian Dollar appreciated about 34 basis points against the US Dollar on Friday. A breakout occurred through the upper boundary of a descending channel pattern during Friday’s trading session.
The 50– hour simple moving average was providing support for the currency pair at 0.6747 during the morning hours of Monday’s trading session.
If the support level holds, bulls could continue its dominance in the market during the following trading session.
However, if the exchange rate breaks the 50– hour SMA, a price might drop to the 0.6720 area today.
