The Australian Dollar (AUD) edges lower against the US Dollar (USD) on Friday.
The Australia n Dollar may regain ground due to improved market sentiment amid China’s stimulus measures. Australia n Treasurer Jim Chalmers welcomed China's new stimulus measures as a really welcome development. Higher US Treasury yields contribute support for the US Dollar. The Australia n Dollar edges lower against the US Dollar on Friday. The AUD/USD pair receives downward pressure from stable Greenback amid improved US Treasury yields.
Additionally, the 14-day Relative Strength Index remains above the 50 level, indicating that bullish sentiment is still holding. In terms of resistance, the AUD/USD pair could explore the region around the upper boundary of the ascending channel, around the 0.6990 level. On the downside, a break below the lower boundary of the ascending channel could weaken the bearish bias and lead the AUD/USD pair to test the nine-day Exponential Moving Average at the 0.6832level.
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