The Australian Dollar is trading in a triangle pattern against the US Dollar. The exchange rate bounced off its bottom border at 0.7200 during the end of Friday’s trading session.
A breakout occurred through the upper boundary of the triangle pattern during the first part of Monday’s session.
Given that the currency pair has breached the pattern, it is likely that bullish traders could push the exchange rate towards a resistance level formed by the weekly R1 at 0.7308 within this session.
However, a resistance line set by the 61.80% Fibonacci retracement level at 0.7287 might prevent the price from hitting target today.
