Australia’s Dollar edged higher by 61 pips or 0.83% against the US Dollar on Wednesday. The currency pair bounced off from the 200– hour simple moving average at 0.7357 during Wednesday’s trading session.
Everything being equal, the exchange rate is likely to continue to surge in an ascending channel pattern during the following trading session. The potential target for bullish traders would be at the 0.7400 area.
However, the weekly resistance level at 0.7493 could provide resistance for the AUD/USD currency exchange rate in the shorter term.
