The Australian Dollar made about 43 basis points against the US Dollar on Thursday. The 200– hour simple moving average provided support for the currency pair at 0.6889 during yesterday’s trading session.
The exchange rate bounced off the 200– hour SMA support level during the morning hours of Friday’s trading session. Most likely, the AUD/USD pair could target the monthly PP at 0.6934.
However, the 38.20% Fibonacci retracement level at 0.6920 could provide resistance for the currency exchange rate within this session.
