The Australian Dollar appreciated about 0.81% in value against the US Dollar on Monday. The surge was attributed to a surprise victory by the country’s conservative government.
Currently, the exchange rate is trading above a resistance cluster formed by the combination of the weekly pivot point and the 100-hour simple moving average at 0.6915.
If this resistance line holds, bulls could aim for the upper boundary of a descending channel pattern at 0.6940 within this session.
However, if the currency exchange rate passes the 100-hour SMA, a decline towards the 0.6886 mark could be expected in the short-term.
