The Australian Dollar traded with low volatility against the US Dollar on Wednesday. The AUD/USD currency pair surged about 31 basis points during yesterday's trading session.
As for the near future, the exchange rate might target a resistance level formed by the weekly R1 at 0.6907.
If the resistance level holds, a downside reversal could be expected during the following trading session.
On the contrary, if the currency exchange rate passes the weekly R1, bullish traders would likely to continue their dominance in the market in the nearest future.