AUD/USD accelerates on Friday
|Upside risks dominated the Australian Dollar against the US Dollar. As a result, the currency pair breached the 55-, 100-, and 200-hour SMAs. Friday's session saw the pair gained 118 pips or 1.61%.
After hitting the upper boundary of a downtrend line during the early hours of Monday's trading session, the exchange rate pullback for a potential test of a support level formed by the 200-hour simple moving average.
If the aforementioned support level holds, bulls could gather enough momentum to break out through the upper boundary of the descending trendline during the following trading session.
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