The Australian Dollar surged by 53 pips or 0.72% against the US Dollar on Monday. A breakout occurred through the upper boundary of a descending channel pattern during yesterday’s trading session.
Given that a breakout had occurred, bulls are likely to pressure the currency pair higher within this session. The potential target for the AUD/USD exchange rate would be at the 0.7260 level.
However, the currency exchange rate could make a brief pullback towards the 0.7185 area today.
