The Australian Dollar surged by 40 basis points or 0.57% against the US Dollar on Friday. The currency pair breached the 200– hour simple moving average during Friday’s trading session.
Everything being equal, the exchange rate could continue to edge higher during the following trading session. A breakout could occur through the upper boundary of a descending channel pattern.
However, if the descending channel pattern holds, a decline towards the weekly S1 at 0.7122 could be expected within this session.
