The Australian Dollar surged by 62 points or 0.87% against the US Dollar on Wednesday. The currency pair breached the weekly resistance level at 0.7216 during yesterday’s trading session.
The exchange rate could continue to edge higher during the following trading session. The potential target could be at the 0.7260 level. Furthermore, technical indicators suggest buying signals on the 4-hour time-frame chart.
However, the weekly resistance level at 0.7216 could still provide resistance for the currency exchange rate during the following trading hours.