The Australian Dollar traded sideways against the US Dollar on Monday. The AUD/USD currency pair made about 20 basis points or 0.24% move during yesterday’s trading session.
All things being equal, the exchange rate could continue to trade between the range of 0.7305/0.7260 levels during the following trading session.
However, if the currency exchange rate breaks the resistance cluster, formed by the week pivot point and the 200– hour simple moving average at 0.7212, bullish traders could target the 0.7400 area in the nearest future.
