The Australian Dollar has edged higher by 50 points or 0.72% against the US Dollar since Friday’s trading session. The exchange rate breached the 50– and 100– hour SMAs on Monday morning.
As for the near future, the AUD/USD currency pair will most likely continue to trend bullish within the following trading session. Bullish traders could target the 0.7020 level.
However, a resistance level formed by the weekly R1 at 0.6991 could provide resistance for the currency exchange rate today.