The Australian Dollar has appreciated by 1.03% in value against the US Dollar since Tuesday. The currency pair made an upside reversal from the lower boundary of a medium-term ascending channel pattern at 0.6728 during Tuesday’s trading session. As a result, a breakout occurred through the upper line of the channel pattern during the Asian session on Thursday.
The exchange rate might continue to edge higher until it reaches a resistance level formed by the weekly R1 at 0.6828.
If the resistance level holds, the AUD/USD pair will most likely make a brief pullback within this session.
