AUDUSD Bulls Reclaim 0.7000 and Target 0.7100
The Australian dollar closed Friday higher against the US dollar, gaining more than 0.22% on the day and over 1.20% for the week, and is now testing resistance near 0.7100.
The Australian dollar extended its recovery against the US dollar on Friday, closing the session with a gain of more than 0.22%. For the week, AUD/USD added over 1.20%, enough for the pair to reclaim the 0.7000 handle.
With the 0.7000 figure now back in play, attention turns to a band of key technical resistance between 0.7000 and 0.7100. The setup includes a cluster of simple moving averages that may act as the next significant hurdle for buyers.
Key levels from the update:
- Daily gain: over 0.22%
- Weekly gain: more than 1.20%
- Resistance zone: 0.7000-0.7100
At the time of the update, the pair was poised to test that resistance area, leaving 0.7100 as the main upside level to watch.
Source: FXStreet Forex News