You are able to add links to any text passage or image using the add link button in Moodle's text editor.
1. Highlight the text or image where you would like to insert the link. Click on the Add Link button as shown below.
2. This will bring up the Insert Link box. Copy the link URL into the Link URL box.
3. Under Target select if you would like the link to open in the Moodle window or a new window. When you are done click on the green Insert button.