The Australian Dollar depreciated by about 40 base points against the US Dollar on Friday. The currency pair breached the 200-hour simple moving average at 0.7091 during Friday’s trading session.
Today’s session began with an upside sentiment, and by the middle of the trading hours, the exchange rate has breached a counter trendline.
Given that a counter trendline break had occurred, it is likely that the currency exchange rate could aim for a resistance cluster formed by the 50– and 100-hour SMAs and the weekly PP at 0.7102.
However, a resistance line, formed by the 200-hour simple moving average at 0.7091 could hinder such movement today.
Today’s session began with an upside sentiment, and by the middle of the trading hours, the exchange rate has breached a counter trendline.
Given that a counter trendline break had occurred, it is likely that the currency exchange rate could aim for a resistance cluster formed by the 50– and 100-hour SMAs and the weekly PP at 0.7102.
However, a resistance line, formed by the 200-hour simple moving average at 0.7091 could hinder such movement today.