The Australian Dollar declined by 85 pips or 1.18% against the US Dollar on Friday. The currency pair breached the 50-, 100– and 200– hour SMAs during Friday’s trading session.

Given that all three SMAs are above the price level, bearish traders could pressure the exchange rate lower towards the bottom line of an ascending channel pattern at 0.7100 within this session.

However, the weekly pivot point at 0.7158 could provide support for the AUD/USD currency exchange rate in the shorter term.

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