The Australian Dollar surged by 60 pips or 0.79% against the US Dollar on Tuesday. A breakout occurred through the upper line of a descending channel pattern during the morning hours of Wednesday.
Given that a breakout has occurred, buyers are likely to dominate the exchange rate during the following trading session. The potential target for bullish traders will be near the weekly R2 at 0.7715.
However, the currency exchange rate could make a brief short-term retracement from a resistance level at 0.7685 today.
