On Tuesday, the Australian Dollar surged by 44 pips or 0.61% against the US Dollar. The currency pair breached the 50– hour simple moving average during Tuesday’s trading session.
Currently, the exchange rate is trading near a support level formed by the 200– hour SMA at 0.7255.
If the support level holds, a surge towards the 0.7320 area could be expected within this session.
However, if the currency exchange rate breaks the 200– hour SMA, the next target for sellers will be near the 0.7240 area.
