The 50– hour simple moving average has continued to pressure the Australian Dollar against the US Dollar. The currency pair surged by 63 pips or 1.05% in value during yesterday’s trading session.
The exchange rate will most likely continue to surge in an ascending channel pattern. The potential target will be at the resistance cluster formed by the weekly R1 and the monthly S1 at the 0.6368.
On the other hand, the currency exchange rate might make a U-turn from the current price level at 0.6201 and make a slide downside movement within the following trading session.
