Australia’s currency surged by 55 pips or 0.71% against the US Dollar on Friday. The currency pair breached the resistance level at 0.7760 during the Asian session on Monday.
All things being equal, the exchange rate could continue to edge higher in an ascending channel pattern during the following trading session. The potential target for the AUD/USD pair will be near the weekly R1 at 0.7809.
However, given that the currency exchange rate is currently trading near the lower line of the channel pattern, a breakout could occur today.
