The Australian Dollar surged by 57 pips or 0.80% against the US Dollar on Monday. The currency pair breached the weekly resistance level at 0.6979 during yesterday’s trading session.
Tuesday’s trading session began with bearish momentum. A breakout occurred through the lower boundary of an ascending channel pattern.
Given that a breakout had occurred, bearish traders could pressure the price towards the 0.6020 area today. However, the 100– hour simple moving average at 0.6936 could provide support for the currency exchange rate within the following trading session.