The Australian Dollar traded sideways against the US Dollar on Thursday. The AUD/USD currency pair consolidated below the 0.7383 level during Thursday’s trading session.
The exchange rate bounced off from a support line formed by the 50– hour simple moving average at 0.7358 on Friday morning.
Most likely, the currency exchange rate will edge higher during the following trading session.
However, bullish traders could encounter a resistance level at the 0.7383 level in the shorter term.