AUDUSD Analysis: Tests 50-hour SMA
|AUDUSD
Upside momentum dominated the Australian Dollar against the US Dollar on Thursday. The currency pair breached the weekly resistance level at 0.7204 during the end of Thursday's session.
Today's session begins with a bearish sentiment. By the middle of the European session on Friday, the exchange rate has tested a support level formed by the 50-hour simple moving average at 0.7255.
If this support level holds, bullish traders will gather enough momentum to dash through the weekly R1 at 0.7294.
However, if the rate passes the support line, the next target for the pair will be at the lower boundary of an uptrend line at 0.7200.
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