The US Dollar appreciated by 65 pips against the Australian Dollar on Thursday. The pair reversed from a resistance level formed by the 100-hour SMA at 0.7260 and had since reached the bottom border of an ascending channel pattern.
As apparent of the 1(H) chart, the price made a U-turn north at 0.7219 during the morning hours of Friday’s session. From a technical position, it is likely that a surge towards a resistance cluster formed by the 50-hour simple moving average and the weekly PP near 0.7245 could happen within this trading day.
However, technical indicators on the 4(H) time frame demonstrate that a slight downside risk is still apparent during the following trading session.
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