The Australian Dollar edged higher by 41 basis points or 0.63% against the US Dollar on Monday. The currency pair breached the upper boundary of a descending channel pattern during Monday’s trading session.
As for the near future, the AUD/USD exchange rate could continue to surge during the following trading session. The possible target for bullish traders would be near the weekly R2 at 0.6502.
A potential downside reversal could occur from the weekly resistance level, as mentioned above within this session.
