On Monday, the Australian Dollar rose by 30 pips or 0.40% against the US Dollar. The surge was stopped by the 50– hour simple moving average during Monday’s trading session.
If the resistance level, formed by the 50– hour SMA at 0.7367 holds, bearish traders could pressure the AUD/USD exchange rate towards the 0.7310 level during the following trading session.
However, if the currency exchange rate breaks the resistance line, the next target for buyers would be near the 0.7400 area.
