The Australian Dollar has surged by 61 points or 0.79% against the US Dollar on Tuesday. The currency pair was supported by the 50– hour simple moving average during yesterday’s trading session.
All things being equal, the AUD/USD exchange rate could continue to edge higher during the following trading session. The potential target for bullish traders would be near the weekly R1 at 0.7780.
However, a resistance line at 0.7760 could provide a barrier for the currency exchange rate within this session.