The Australian Dollar surged by 121 basis points or 1.78% against the US Dollar on Tuesday. The currency pair breached the psychological resistance level at 0.6900 on Wednesday morning.
As for the next trading session, the AUD/USD exchange rate could continue to trade bullish. The potential target for bullish traders could be at the resistance level at 0.7000 mark.
However, the currency exchange rate could make a U-turn from the current price level at 0.6938 and aim for the 50– hour simple moving average at 0.6828 within the following trading session.
