On August 24, the Australian Dollar surged by 68 pips or 0.94% against the US Dollar. The currency pair breached the 200– hour simple moving average during yesterday’s trading session.
As for the near future, the exchange rate could continue to edge higher in a descending channel pattern. Bullish traders are likely to target the 0.7320 level within this session.
However, the AUD/USD currency exchange rate might encounter resistance near the 0.7269 area during the following trading session.
