The Australian Dollar has surged by 66 basis points or 0.98% in value against the US Dollar since Tuesday’s trading session. The currency pair breached the 200– hour simple moving average at 0.6744 on Wednesday morning.
All things being equal, the AUD/USD exchange rate will target the weekly R1 at 0.6774 within this session.
If the resistance level formed by the weekly R1 holds, a downside reversal could follow in the shorter term.
However, if the currency exchange rate breaks the weekly R1, the pair could end Wednesday’s session on bullish sentiment.
