The Australian Dollar edged higher by 40 pips or 0.57% against the US Dollar on Wednesday. The currency pair breached the 50- , 100– and 200– hour SMAs on Thursday morning.
Everything being equal, the exchange rate could continue to edge higher during the following trading session. The potential target for bullish traders would be at the 0.7200 level.
However, a resistance level at 0.7180 could provide resistance for the currency exchange rate in the shorter term.
