The Australian Dollar has surged by 91 basis points or 1.30% against the US Dollar since Monday’s trading session. The currency pair breached the upper boundary of a descending channel pattern on Tuesday morning.
All things being equal, the exchange rate could continue to edge higher during the following trading session. The possible target for the AUD/USD pair will be near the 0.7150 level.
However, the weekly pivot point at 0.7117 could provide resistance for the currency exchange rate within this session.
