Upside risks prevailed in the market on Thursday, thus sending the Australian Dollar to surged more than 100 base points against the US Dollar. The currency pair broke a dominant descending channel during the first half of Friday’s session.
By the middle of the day, the exchange rate was located above the upper boundary of the dominant descending channel pattern at 0.7234.
By and large, it is likely that the Aussie continues its bullish momentum within this session.
However, the US macroeconomic data releases scheduled at 12:30 GMT could change the overall positioning of the currency exchange rate today.