The Australian Dollar has continued to edge higher in a narrow ascending channel pattern against the US Dollar. The currency pair surged by 113 pips or 1.74% in value during Tuesday’s trading session.
Everything being equal, the exchange rate will likely continue to surge within this session. The potential target for the AUD/NZD pair in the short term will be at a support cluster formed by the monthly R1 and the weekly R2 at 0.6708.
On the other hand, the currency exchange rate might reverse from the current price level at 0.6601 and make some slight downside movement during the following trading session.
