The Australian Dollar edged higher by 80 pips or 1.14% against the US Dollar on Wednesday. The surge was stopped by the 200– hour simple moving average during yesterday’s trading session.
The exchange rate bounced off the lower boundary of an ascending channel pattern during the Asian session on Thursday. Most likely, the AUD/USD pair could continue to edge up until the end of the session.
Although, the 200– hour SMA and the weekly pivot point at 0.7122 could provide resistance for the currency exchange rate within this session.
