The 50– hour simple moving average has been guiding the Australian Dollar higher against the US Dollar since September 14. The currency pair breached the weekly R1 at 0.6725 on Tuesday.
The exchange rate will most likely continue to surge in an ascending channel pattern. Bulls could target the upper line of the channel pattern at 0.6782 within this session.
On the other hand, the currency exchange rate could reverse from the current price level at 0.6738 and target the 100– hour SMA at 0.6690 today.
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