The Australian Dollar surged by 68 basis points or 0.94% against the US Dollar on Tuesday. However, the currency pair surrendered the earlier gains by the end of Tuesday’s trading session.

As for the near future, the exchange rate is likely to trend bullish in an ascending channel pattern. Buyers could target the 0.7380 level during the following trading session.

However, the weekly R1 at 0.7339 could still provide resistance for the currency exchange rate today.

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