The AUD/USD currency pair bounced off a support level formed by the 50– hour simple moving average at 0.7453 on Monday. As a result, the Australian Dollar surged by 40 pips or 0.53% against the US Dollar during Monday’s trading session.
Everything being equal, the exchange rate is likely to continue to edge higher within the following trading session. The potential target for bullish traders will be near the 0.7570 area.
However, the weekly pivot point at 0.7499 could provide resistance for the currency exchange rate in this session.
