The 50– hour simple moving average has been guiding the Australian Dollar higher against the US Dollar since December 26. The currency pair has surged by 107 basis points during this period.
The exchange rate breached the 50– hour SMA at 0.7005 during the morning hours of Thursday’s trading session.
The AUD/USD pair could aim for a support level formed by the 100– hour SMA at 0.6980 within this session.
A potential upside reversal could occur from the support level, as mentioned above with the following trading session.
