The Australian Dollar surged by 39 basis points or 0.54% against the US Dollar on Wednesday. The 50– hour simple moving average provided support for the currency pair during Wednesday’s trading session.
Technical indicators flash buying signals on all time-frame charts. Therefore, the exchange rate could continue to surge in an ascending channel pattern within this session.
However, the currency exchange rate could make a retracement towards the 200– hour simple moving average at 0.7114 today.
