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The trading session on Friday started rather calmly, as the Australian Dollar remained near the upper boundary of a short-term ascending channel. Nevertheless, the rate skyrocketed in response to sluggish US fundamentals released mid-session.
As apparent on the chart, technical indicators made a massive leap southwards after this surge, compared to the Aussie which remained in a relatively narrow range until mid-Monday. Thus, it was pushed between the 0.79 mark, the weekly PP and the 55-hour SMA in the 0.7900/0.7846 area.
The base scenario favours the Aussie testing the nearest support and trading somewhere near this mark. As there are no fundamentals that could shake the market, the rate might fail to breach this level and thus continue trading slightly above it.
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