Upside risks dominated the Australian Dollar against the US Dollar on Friday. As a result, the AUD/USD currency surged by 110 pips or 1.42% during Friday’s trading session.
All things being equal, the exchange rate is likely to continue to trend bullish during the following trading session. A breakout through the upper line of an ascending channel pattern could occur.
However, the currency exchange rate might make a brief retracement towards the weekly pivot point at 0.7822 before making the upside move.