The Australian Dollar edged higher by 30 pips or 0.36% against the US Dollar on Wednesday. The currency pair breached the 50– and 100– hour SMAs during yesterday’s trading session.
All things being equal, the exchange rate could continue to edge higher during the following trading session. The potential upside target for the AUD/USD pair would be near the 0.7700 level.
However, the 200– hour simple moving average at 0.7665 could provide resistance for the currency exchange rate today.
