The Australian Dollar has surged by 129 pips or 2.04% against the US Dollar since Friday’s trading session. The currency pair tested the upper boundary of a dominant descending channel pattern on Monday morning.
All things being equal, the AUD/USD exchange rate could continue to edge higher within this session. The possible target for bullish traders would be at the weekly resistance level at 0.6502.
However, the currency exchange rate is expected to make a brief downside movement from the upper line of the dominant descending channel pattern during the following trading session.
