The Australian Dollar edged higher by 48 basis points or 0.67% against the US Dollar on Tuesday. The currency pair breached the upper boundary of a descending channel pattern during Tuesday’s trading session.
Given that a breakout had occurred, the AUD/USD exchange rate will most likely continue to surge. Bulls could target the weekly resistance level at 0.7244 during the following trading session.
On the other hand, the currency exchange rate could reverse from the current price level at 0.7191 could edge lower within this session.
