The Australian Dollar has surged by 63 basis points or 0.91% against the US Dollar since Friday’s trading session. The currency pair tested the weekly resistance level at 0.6978 on Monday morning.
If the weekly R1 at 0.6979 holds, bearish traders could pressure the exchange rate lower towards the 0.6940 level during the following trading session.
However, if the AUD/USD currency exchange rate breaks the weekly resistance level, a surge towards the 0.7000 area could be expected within the following trading session.
