The Australian Dollar surged by 57 basis points or 0.79% against the US Dollar on Thursday. The AUD/USD currency pair tested the 0.7240 level during Thursday’s trading session.
Technical indicators flash buying signals on all time-frame charts. Therefore, buyers are likely to pressure the exchange rate higher during the following trading session. The possible target will be at the 0.7260 level.
However, the currency exchange rate could encounter a resistance level at 0.7240 in the shorter term.