The Australian Dollar has appreciated about 47 basis points against the US Dollar since yesterday’s trading session. A breakout occurred through the upper boundary of a narrow descending channel pattern on Monday.
The AUD/USD currency pair will most likely continue to edge higher within this session. The potential target for bullish traders would be at a psychological resistance level at 0.6900.
However, note that the currency exchange rate will have to surpass a resistance cluster formed by the weekly R1 and the monthly R1 at 0.6866 before reaching the given target.
