AUD/USD Analysis: Might aim at weekly R1 at 0.7035

Dukascopy Bank Team Dukascopy Bank SA

AUD/USD

During the past 48 hours, the Australian Dollar has appreciated about 92 base points against the US Dollar. The 200-hour simple moving average was providing support for the pair at 0.6980 during the morning hours of Friday's trading session.

Most likely, the exchange rate will aim for a resistance level formed by the weekly R1 at 07035 within this session.

If the resistance line holds, a potential downside reversal could be expected before the end of today's session.

Meanwhile, technical indicators demonstrate that the currency exchange rate might make a brief retracement down today.

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Dukascopy Bank Team

Dukascopy Bank SA

Dukascopy Bank stands as an innovative Swiss online banking institution, with its headquarters situated in Geneva, Switzerland.

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