On Monday, the Australian Dollar edged higher by 86 basis points or 1.33% in value against the US Dollar. The currency pair tested the 100– hour simple moving average during yesterday’s trading session.
All things being equal, the exchange rate will most likely continue to edge up. The potential target for the AUD/USD pair will be at the upper boundary of a descending channel pattern at 0.6808.
However, a resistance cluster formed by the 200– hour SMA and the monthly pivot point at 0.6576 could provide resistance for the currency exchange rate within this session.
