The Australian Dollar declined by 88 pips or 1.45% in value against the US Dollar on Friday. The currency pair was pressured lower by the 50– hour simple moving average during Friday’s trading session.
Currently, the exchange rate is testing a resistance level formed by the 50– hour SMA at 0.6039.
If the resistance level holds, the AUD/USD pair would continue to decline within this session.
However, if the currency exchange rate breaks the 50– hour SMA, a surge towards the 0.6100 could be expected today.