The Australian Dollar surged by 51 points or 0.70% against the US Dollar on Thursday. The currency pair breached the 50-, 100– and 200– hour SMAs during yesterday’s trading session.
All things being equal, bullish traders could continue to pressure the AUD/USD exchange rate higher during the following trading session. The potential target will be at the 0.7360 level.
However, the weekly R1 at 0.7339 could provide a barrier for bulls during the following trading session.