The Australian Dollar has surged by 62 basis points or 0.94% against the US Dollar since yesterday’s trading session. The currency pair was pressured higher by the 50– hour simple moving average.
All things being equal, the AUD/USD exchange rate would continue to surge in the ascending channel pattern. The potential target for bullish traders could be at the 0.6600 mark.
However, technical indicators suggest that the currency exchange rate might consolidate below the 0.6600 level within the following trading session.