The AUD/USD exchange rate has been trading within a narrow ascending channel pattern since the end of March.

Given that the currency pair is being pressured by the 50-, 100– and 200-hour simple moving averages, it is likely that an upside potential prevails in the short-term. Most likely, the Aussie will aim for the upper channel line located at the 81.00 mark.

Although, the currency exchange rate has to surpass the monthly resistance level at 80.73. If the given resistance level holds, a reversal south could occur during the following trading sessions.

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