Bullish momentum has been dominating the Australian Dollar against the US Dollar since October 16 after the currency pair reversed from the lower boundary of an ascending channel pattern at 0.6728. The AUD/USD pair has appreciated by about 107 pips within this period.
Currently, the exchange rate is trading near the upper border of the channel pattern and could be set for a breakout.
If this breakout occurs, a surge towards the 0.6900 area might be expected within this session.
However, if the ascending channel holds, a brief pullback towards the 50– hour SMA at 0.6787 could follow.
