The Australian Dollar has appreciated about 47 basis points against the US Dollar since Friday’s trading session. The currency pair breached the upper boundary of an ascending channel pattern at 0.6849 on Friday.
Given that a breakout had occurred, the AUD/USD exchange rate will most likely continue to edge higher until it reaches a resistance level formed by the weekly R1 at 0.6900.
If the weekly R1 holds, a brief retracement towards the 0.6849 area could be expected during the following trading session.
