The Australian Dollar has appreciated about 57 base points against the US Dollar since Friday’s trading session. The currency pair tested a resistance cluster formed by the combination of the weekly and the monthly pivot points at 0.6960 during the morning hours of today’s session.

By and large, it is likely that the AUD/USD exchange rate will might a brief retracement towards a support cluster formed by the 50– and 100-hour SMAs at 0.6924 during the following trading session.

However, the currency exchange rate could reverse from the current price level at 0.6942 and continue surging today.

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