The Australian Dollar surged by 76 pips or 0.97% against the US Dollar on Wednesday. The 50– hour simple moving average provided support for the currency pair during yesterday’s trading session.
All things being equal, the exchange rate could continue to trend bullish during the following trading session. The potential target for bullish traders will be near the weekly R3 at 0.8072.
However, the upper line of an ascending channel pattern could provide resistance for the currency exchange rate today.