The Australian Dollar has surged by 34 basis points or 0.51% in value against the US Dollar since yesterday’s trading sessions. The currency pair breached the 50– hour simple moving average at 0.6607 on Monday.
Everything being equal, the exchange rate could continue to edge higher within this session. The potential target for the AUD/USD pair will be near the weekly pivot point at 0.6647 area.
However, a resistance level formed by the 100– hour simple moving average at 0.6629 could provide resistance for the currency exchange rate during the following trading session.
