Upside risks prevailed in the market on Monday, thus sending the Australian Dollar to surged about 0.75% in values against the US Dollar. The currency pair breached some significant resistance levels during yesterday’s session.
The exchange rate revealed a new junior ascending channel pattern during the first half of today’s trading session. Currently, the channel pattern is guiding the AUD/USD pair towards a swing high of 0.7092.
Everything being equal, it is likely that the currency exchange rate maintains the junior ascending channel pattern within this session.
Although, technical indicators suggest that a decline should be expected during the following trading session.
