The AUD/USD currency pair bounced off a support level formed by the 50– hour simple moving average at 0.7271 on Thursday. As a result, the Australian Dollar surged by 50 pips or 0.69% against the US Dollar.
The exchange rate could continue to trend higher in an ascending channel pattern during the following trading session. The potential target for buyers will be near the 0.7360 area.
However, the currency exchange rate might encounter resistance at 0.7321 within this session.
