The Australian Dollar has surged by 142 basis points or 2.15% against the US Dollar since Friday’s trading session. The currency pair tested the upper boundary of an ascending channel pattern at 0.6763 on Monday morning.
If the ascending channel holds, the AUD/USD exchange rate could make a brief retracement towards the 0.6700 level during the following trading session.
However, if the currency exchange rate breaks the channel pattern, a surge towards the 0.6850 area could be expected today.
Meanwhile, technical indicators suggest that buyers could continue to pressure the price higher within this session.