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.

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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.

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