The Australian dollar bounced above the 50-day exponential moving average on Friday morning after a deep correction in the U.S. dollar index. The pair saw a highly volatile trading session on Thursday but ultimately settled over the 50-day exponential moving average price amid the slightly dovish tone of fed chairman Jerome Powell. Bulls have dominated the price action for this week in AUD/USD, despite the US Federal Reserve raising interest rates. The Australian dollar is holding onto the major psychological resistance level at the 0.7000 mark and once this is taken, it will outpace its counterpart.
Reference: Trading View
