The Australian Dollar surged by 61 pips or 0.85% against the US Dollar on Wednesday. The currency pair tested the weekly resistance level at 0.7244 during yesterday’s trading session.
Currently, the exchange rate is trading near the upper boundary of an ascending channel pattern and could be set for a breakout.
If the breakout occurs, a surge towards the 0.7286 level could be expected within this session.
However, if the channel pattern holds, bearish traders are likely to target the 50– and 200– hour SMAs at 0.7203 today.
