The Australian Dollar appreciated about 50 base points against the US Dollar on Tuesday. The currency pair breached the upper boundary of a dominant descending channel at 0.7250 during the end of the previous trading session.
Today’s session begins with a bullish momentum, and by the middle of the European trading session, the exchange rate has also breached the upper border of an ascending triangle pattern at 0.7272.
Everything being equal, it is likely that the bullish traders could push the currency exchange rate towards the weekly R2 at 0.7328.
However, it is important to note that the weekly resistance level at 0.7287 could hinder that surge from happening today.
