The Australian Dollar surged by 136 points or 2.00% against the US Dollar on Monday. The currency pair breached the junior descending channel pattern during Monday’s trading session.
Given that the exchange rate has breached the upper boundary of a descending channel, bullish traders could continue to pressure the price higher within this session. The potential target for buyers would be near the weekly R1 at 0.7018.
However, technical indicators suggest that the currency exchange rate could edge lower during the following trading session.
