During the first half of Friday’s trading session, the Australian Dollar plunged by 66 pips or 0.86% against the US Dollar. However, the currency rebounded at the end of the day.
The exchange rate breached the upper line of a descending channel pattern during the Asian session on Monday.
Most likely, bullish traders could drive the AUD/USD pair towards a resistance level at 0.7760 today.
Although, the 200– hour simple moving average at 0.7765 might provide resistance for the currency exchange rate in the shorter term.
