On Wednesday, the AUD/USD currency pair bounced off a support level formed by the 50– hour simple moving average at 0.7311. As a result, the Australian Dollar surged by 65 pips or 0.89% against the US Dollar during yesterday’s trading session.
All things being equal, the exchange rate could continue to edge higher in an ascending channel pattern during the following trading session. The potential target for bullish traders will be near the 0.7420 area.
On the other hand, the currency exchange rate might reverse from the resistance level at 0.7380 within this session.
