The Australian Dollar has surged by 32 basis points against the US Dollar since yesterday’s trading session. A breakout occurred through the upper boundary of a descending channel pattern during the morning hours on Friday.
Given that a breakout had occurred, the AUD/USD exchange rate will continue to edge higher within this session. The potential target will be near a psychological level at the 0.6920 area.
However, resistance levels at the 0.6887/0.6906 regions could hinder bullish traders from driving the currency exchange rate higher during the following trading session.
