The Australian Dollar made 0.91% gain during the first part of yesterday’s trading session. However, by the end of the day, bears have regained some of their lost positions.
The currency pair is currently testing a resistance level formed by the 200-hour simple moving average at 0.7024.
If the pair passes the 200-hour SMA, a surge towards the weekly resistance level at 0.7068 could be expected.
Although, if the 200-hour moving average holds, bears could aim for a swing low of 0.6958 during the following trading session.
