The Australian Dollar surged by 43 points or 0.60% against the US Dollar on Tuesday. The 50– and 100– hour SMAs provided support for the currency pair during Tuesday’s trading session.
As for the near future, the exchange rate could continue to edge higher within this session. The potential target for bullish traders will be at the weekly resistance level at 0.7200.
However, today’s macroeconomic data releases could play an important role in the overall movement of the currency exchange rate.
