AUD/USD Bounces Off Support

The Australian Dollar surged by 54 pips or 0.71% against the US Dollar on Monday. The currency pair bounced off from a support cluster formed by the 50– and 200– hour SMAs at 0.7613 during yesterday’s trading session.

The exchange rate rebounded from the lower boundary of an ascending channel pattern at 0.7631 during the Asian session on Tuesday.

Most likely, the AUD/USD pair could continue to edge higher within the following trading session.

However, the weekly R1 at 0.7663 could provide resistance for the currency exchange rate today.