The Australian Dollar surged by 49 pips or 0.67% against the US Dollar on Monday. The currency pair tested the upper line of an ascending channel pattern during yesterday’s trading session.
The exchange rate is currently trading near the up border of the channel pattern and might be set for a breakout.
If the breakout occurs, a surge towards the weekly resistance level at 0.7439 could be expected within this session.
However, if the ascending channel pattern holds, bearish traders could target the 50– hour simple moving average at 0.7357 today.
