The Australian Dollar surged by 29 pips or 0.42% against the US Dollar on Friday. The currency pair tested the psychological resistance level at 0.7000 during Friday’s trading session.
All things being equal, the AUD/USD exchange rate could continue to surge during the following trading session. The potential target for bullish traders would be near the 0.7020 level.
On the other hand, if the currency exchange rate breaks the support cluster at 0.6987, a decline towards the weekly S1 at 0.6930 could be expected today.
