The AUD/USD currency pair bounced off the bottom border of an ascending channel pattern on Monday. As a result, the Australian Dollar has surged by 63 points or 0.86% against the US Dollar since yesterday’s trading session.
Most likely, the exchange rate could continue to edge higher during the following trading session. The potential target for buyers would be near the upper line of the channel pattern at 0.7369.
However, the weekly resistance level at 0.7339 could provide resistance for the currency exchange rate in the shorter term.
