The Australian Dollar edged higher by 51 pips or 0.69% against the US Dollar on Monday. The surge was stopped by the 200– hour simple moving average during Monday’s trading session.
Everything being equal, the exchange rate could continue to edge higher during the following trading session. The potential target for bullish traders will be near the 0.7440 area.
However, the resistance level at 0.7400 could provide resistance for the AUD/USD currency exchange rate within this session.
