The Australian Dollar edged higher by 41 points or 0.55% against the US Dollar on Friday. The currency pair was pressured higher by the 50– hour simple moving average during Friday’s trading session.
Technical indicators demonstrate buying signals on the 4H, daily and weekly time-frame charts. Most likely, bullish traders could continue to drive the exchange rate higher within this session.
On the other hand, if the currency exchange rate breaks the 50– hour SMA support line at 0.7374, a decline towards the weekly pivot point at 0.7347 could be expected during the following trading session.