AUD/USD Moving Towards Weekly PP At 0.7090

Technical analysis of Forex market

The Australian Dollar depreciated about 58 base points against the US Dollar on Thursday. However, the situation changes during the end of Thursday’s trading session when the currency pair reversed from the 0.7020 level and started gaining strength.

The exchange rate breached the upper boundary of a one-week descending channel at 0.7040 during the European trading session on Friday.

Given that the currency exchange rate has breached the resistance level formed by the upper boundary of the descending channel and the 50– hour simple moving average, it is likely that the pair will target the weekly PP at 0.7090 today.

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