The Australian Dollar surged by 64 pips or 0.81% against the US Dollar on Monday. The currency pair tested the upper line of an ascending channel pattern at 0.7920 during yesterday’s trading session.
Currently, the exchange rate is trading near the upper boundary of the channel pattern and could be set for a breakout.
If the breakout occurs, a surge towards the 0.8000 level could be expected within this session.
However, if the descending channel pattern holds, sellers might target the weekly pivot point at 0.7822 today.