Australian Dollar has surged by 72 pips or 0.98% against the US Dollar since Monday’s trading session. The currency pair breached the resistance level formed by the 50– hour simple moving average at 0.7413 on Tuesday morning.
Currently, the exchange rate is trading near the upper line of an ascending channel pattern and could be set for a breakout.
If the breakout occurs, a surge towards the 0.7500 level could be expected within this session.
However, if the channel pattern holds, the currency exchange rate could make a brief pullback towards the 0.7420 area today.
