Australia’s Dollar edged higher by 60 basis points or 0.78% against the US Dollar on Wednesday. The AUD/USD currency pair was pressured higher by the 50– hour simple moving average during yesterday’s trading session.
By and large, 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 near the 0.7820 level.
However, the weekly R1 at 0.7780 could provide resistance for the currency exchange rate within this session.
