The Australian dollar has rallied significantly during the week, breaking above the 0.70 level. However, we are still very much in a downtrend.
The Australian dollar initially fell during trading on Friday, to test the 0.70 level. This is an area that of course is a large, round, psychologically significant figure, so therefore it is worth noting that the area held.
Trader reaction to .7048 will likely determine the direction of the AUD/USD on Friday.