Upside risks have dominated the Australian Dollar versus the US Dollar since Tuesday’s trading session. The currency pair gained about 0.90% in value during the last 24 hours.
The exchange rate breached the upper boundary of a long-term downtrend line at 0.7200 during the morning hours of today’s trading session.
Given that a breakout had occurred, it is likely that the AUD/USD currency exchange rate will continue its upward momentum within this session. Bulls could push the pair towards the weekly R1 at 0.7215.
If the resistance level formed by the weekly R1 holds, the pair will make a brief retracement towards the 0.7180 mark.
