The Australian Dollar surged by 44 basis points or 0.68% against the US Dollar on Tuesday. The currency pair breached the weekly PP at 0.6455 during Tuesday’s trading session.
Currently, the exchange rate is trading near the bottom border of an ascending channel pattern and could be set for a breakout.
If the breakout occurs, a decline towards the psychological support level at 0.6400 could be expected today.
However, if the channel pattern holds, bullish traders could drive the price past the 0.6460 area during the following trading session.
