Upside risks dominated the AUD/USD currency pair on Monday. As a result, the Australian Dollar surged by 93 pips or 1.31% against the US Dollar during yesterday’s trading session.
All things being equal, the exchange rate is likely to continue to edge higher during the following trading session. The possible target for bullish traders will be near the weekly resistance level at 0.7302.
However, the 200– hour simple moving average at 0.7259 could provide resistance for the currency exchange rate in the shorter term.
