The Australian Dollar surged by 59 pips or 0.76% against the US Dollar on Wednesday. The currency pair tested a resistance level at 0.7760 during yesterday’s trading session.
Everything being equal, the exchange rate is likely to continue to edge higher during the following trading session. The potential target for the AUD/USD pair will be near the weekly R1 at 0.7800 level.
However, the resistance line at 0.7760 could still provide resistance for the currency exchange rate within this session.
