AUD/USD Analysis: tests 38.20% Fibonacci retracement level
|AUD/USD
The Australian Dollar surged by 56 basis points against the US Dollar on Friday. The currency pair breached the 50– and 100– hour simple moving averages during Friday's trading session.
Currently, the exchange rate is testing a resistance level formed by the 38.20% Fibonacci retracement level at 0.6920.
All things being equal, the currency exchange rate will likely make a brief retracement towards the 0.6877 area within this session.
On the other hand, bullish traders might continue to pressure the AUD/USD pair higher in the shorter term.
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