The 50– hour simple moving average guided the AUD/USD currency pair on Thursday. As a result, the Australian Dollar surged by 52 pips or 0.71% against the US Dollar during yesterday’s trading session.
By and large, the exchange rate could continue to trend bullish during the following trading session. A breakout through the upper boundary of an ascending channel pattern could occur.
However, if the channel pattern holds, the currency exchange rate would make a pullback towards the 50– hour SMA at 0.7380 today.
