The Australian Dollar has appreciated by 257 basis points or 4.49% in value against the US Dollar since yesterday’s trading session. A breakout through the upper boundary of a descending channel pattern occurred on Tuesday morning.
Given that a breakout had occurred, the AUD/USD exchange rate will most likely continue its bullish momentum. The pair could target the 0.6150 area within the following trading session.
Although, a resistance level formed by the 200– hour simple moving average at 0.6007 could provide resistance for the currency exchange rate during the following trading hours.
