The Australian Dollar appreciated about 60 base points against the US Dollar on Monday. The currency pair dashed through both the 50-, 100– and 200– hour SMAs during Monday’s trading session.
The exchange rate is gradually moving towards a resistance cluster formed by the weekly and the monthly pivot points at 0.7147.
If the resistance cluster holds, a reversal down could be expected within this session.
However, if the currency exchange rate passes the resistance cluster, the next target for bullish traders will be near a swing high of 0.7169.
