The Australian Dollar surged by 57 pips or 0.80% against the US Dollar on Tuesday. The currency pair breached the monthly pivot point at 0.7151 during yesterday’s trading session.
As for the near future, the exchange rate could continue to edge higher. Bullish traders are likely to target the weekly resistance level at 0.7216 within the following trading session.
A potential downside reversal could occur from the weekly R1 at 0.7216 during the next trading hours.
