The Australian Dollar has surged by 190 basis points or 3.17% against the US Dollar since Monday’s trading session. A breakout occurred through the upper boundary of a descending channel pattern on Tuesday morning.
Given that a breakout had occurred, the AUD/USD currency exchange rate will most likely continue to trade bullish until it reaches the weekly resistance level at the 0.6293 area.
A possible decline could happen from the weekly R2 at 0.6293 within the following trading session.
