The Australian Dollar surged by 99 basis points or 1.57% against the US Dollar on Thursday. A breakout occurred through the upper boundary of a descending channel pattern during Thursday’s trading session.
Given that a breakout has occurred, bullish traders would continue to pressure the exchange rate higher within this session. The potential target for the AUD/USD pair would be at the 0.6400 mark.
Meanwhile, technical indicators suggest that the currency exchange rate might trade sideways during the following trading session.
