The 50– hour simple moving average provided support for the AUD/USD currency pair on Monday. As a result, the Australian Dollar has surged by 38 pips or 0.50% against the US Dollar since yesterday’s trading session.
All things being equal, the exchange rate is likely to continue to edge higher during the following trading session. The potential target for bullish traders would be near the 0.7800 level.
However, given that the currency exchange rate is currently trading near the lower boundary of a narrow ascending channel pattern, a breakout could occur within this session.
