The Australian Dollar appreciated about 44 base points against the US Dollar on Tuesday. The currency pair breached both the 50– and 100-hour SMAs during yesterday’s session.
Wednesday’s trading session began with an upside movement. And by the middle of the day, the AUD/USD exchange rate has dashed through the monthly pivot point at 0.7105.
Everything being equal, it is likely that the currency exchange rate will edge higher towards the 200-hour simple moving average at 0.7149 today.
Although, a resistance level formed by the weekly PP at 0.7139 could hinder such movement.
