Australia’s Dollar surged by 43 points or 0.59% against the US Dollar on Tuesday. The 50– hour simple moving average provided support for the currency pair during yesterday’s trading session.
The exchange rate bounced off the support line formed by the 50– hour SMA during the morning hours on Wednesday. Most likely, the AUD/USD pair could continue to edge higher within this session.
However, the upper boundary of an ascending channel pattern could provide resistance for the currency exchange rate during the following trading session.