The Australian Dollar appreciated more than 50 base points against the US Dollar on Monday. A breakout occurred through the upper boundary of an ascending channel pattern during the morning hours of today’s trading session.
Given that a breakout had occurred, it is likely that the AUD/USD currency pair will continue its upside momentum within this session. The potential upside target for bullish traders will be near the 0.7020 area.
However, the currency exchange rate might make a brief pullback towards a support cluster formed by the combination of the weekly and the monthly PPs at 0.6955 during the following trading session.
