On Friday, the AUD/USD currency pair surged by 37 base points. The exchange rate reached a two-week high at 0.7020. However, today’s trading session began with a bearish sentiment.
By the middle of the session, a breakout through the lower boundary of an ascending channel pattern at o.7006 had occurred.
Most likely, the US Dollar will continue to gain strength against the Aussie within this session.
The currency exchange rate might aim for a support cluster formed by the weekly S1 and the 200-hour simple moving average at 0.6954 today.
