Upside risks have dominated the Australian Dollar versus the US Dollar since Wednesday’s trading session. A breakout occurred through the upper bounced of a descending channel pattern during the Asian session on Thursday.
Given that a breakout had occurred, bulls will most likely continue to pressure the AUD/USD currency pair higher. The potential target will be at the psychological resistance level at 0.6900.
However, the currency exchange rate might make a brief retracement down from the 200– hour simple moving average at 0.6883 within the following trading session.
