The Australian Dollar surged by 101 pips or 1.31% against the US Dollar on Tuesday. The currency pair breached the 50– hour simple moving average at 0.7750 during Tuesday’s trading.
Everything being equal, the AUD/USD exchange rate is likely to continue to edge higher during the following trading session. The potential target for bullish traders would be near the 0.7950 area.
However, the 200– hour SMA at 0.7852 could provide resistance for the currency exchange rate within this session.
