Since Yesterday’s trading session, the Australian Dollar has surged by 443 basis points or 8.04% in value against the US Dollar. The currency pair breached the 50– hour simple moving average at 0.5793 on Friday morning.
Currently, the exchange rate is testing a resistance cluster formed by the 100– hour SMA and the weekly S1 at 0.5975.
If the resistance cluster holds, the AUD/USD pair could continue to trade bearish within this session.
However, if the currency exchange rate breaks the cluster, a surge towards the 200– hour SMA at 0.6171 could be expected today.
