The Australian Dollar surged by 44 pips or 0.65% against the US Dollar on Wednesday. The currency pair tested the 0.6940 level during yesterday’s trading session.
Technical indicators flash buying signals on the 4-hour time frame chart. Therefore, bullish traders are likely to pressure the exchange rate higher during the following trading session. The potential target for bulls will be near the weekly resistance level at 0.6955.
On the other hand, the currency exchange rate could reverse from the current price level at 0.6926 and make some downside movement within this session.
