The Australian Dollar grew by 46 pips or 0.61% against the US Dollar on Wednesday. The surge was stopped by the 200– hour simple moving average at 0.7483 during Wednesday’s trading session.
As for the near future, the AUD/USD currency pair could continue to edge higher. Bullish traders might target the upper line of a descending channel pattern at 0.7520 within this session.
However, a resistance level formed by the 200– hour SMA at 0.7483 could still provide a barrier for the currency exchange rate during the following trading hours.