The Australian dollar rallied significantly during the course of the trading session on Friday after taking the 0.68000 Resistance zone. AUD/USD is nearly 1.40% up compared to Thursday’s close as market participants started profit booking in dollars at the end of the week. Analyzing the daily chart, the price action has formed a double bottom chart pattern which is a bullish reversal setup, suggesting a reversal in the downtrend. Bulls are eyeing the 21-day exponential moving average and it will be interesting to see how this risk-sensitive currency performs in the next week.
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