The Australian Dollar surged by 57 basis points or 0.88% against the US Dollar on Wednesday. The currency pair was guided higher by the 50– hour simple moving average during yesterday’s trading session.
Most likely, the AUD/USD exchange rate might make a brief pullback towards the previous weekly resistance that can act as a support at 0.6502 during the following trading session.
A potential upside reversal could occur from the support level at 0.6502 within this session.
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Meanwhile, technical indicators suggest buying signals on the 4(H) time frame chart.
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