The Australian Dollar surged by 171 basis points or 2.85% in value against the US Dollar on Friday. The currency pair was guided by 50– hour simple moving average during Friday’s trading session.
All things being equal, the exchange rate will most likely continue to edge higher in the ascending channel pattern. The potential target will be near a resistance cluster at the 0.6400 area.
Although, a resistance line, formed by the monthly S1 at 0.6230 could provide resistance for the currency exchange rate within this session.
