The Australian Dollar traded sideways movement against the US Dollar on Monday. The 50-hour simple moving average was providing resistance for the currency pair at 0.7185 during yesterday’s session.
Today’s session began with a bullish momentum, and by the middle of the European trading session, a breakout had occurred through the upper boundary of a descending channel pattern at 0.7192.
Given that a breakout had occurred, the AUD/USD currency exchange rate will likely surge within this session and potentially aim at a resistance level formed by a traditional weekly R1 at 0.7233.
