The Australian Dollar surged by 44 pips or 0.57% against the US Dollar on Thursday. The currency pair breached the support level at 0.7723 during yesterday’s trading session.
As for the near future, the AUD/USD exchange rate could continue to edge higher. A breakout through the upper boundary of a descending channel pattern could occur within this session.
However, the 50– hour simple moving average at 0.7740 could provide resistance for the currency exchange rate in the shorter term.
