The Australian Dollar has edged higher by 61 basis points or 0.87% against the US Dollar since Wednesday trading session. The currency pair breached the weekly resistance level at 0.6979 on Wednesday.
The exchange rate is currently testing a support level formed by the last week’s resistance line at 0.6979.
If the support line holds, bullish traders are likely to target the 0.7000 level during the following trading session.
However, if the currency exchange rate breaks the support line, a declined towards the 50– hour simple moving average at 0.6960 could be expected today.