The Australian Dollar fell by 51 points or 0.66% against the US Dollar on Friday. The currency pair breached the 50-, 100– and 200– hour SMAs during Friday’s trading session.
Given that the exchange rate has bounced off from the lower boundary of an ascending channel pattern, bullish traders are likely to push the AUD/USD pair higher during the following trading session.
However, the 50– hour simple moving average at 0.7741 could provide resistance for the currency exchange rate in the shorter term.
