The Australian Dollar surged by 124 basis points or 1.74% against the US Dollar on Thursday. The currency pair tested the upper line of an ascending channel pattern at 0.7276 during yesterday’s trading session.
The exchange rate is currently trading near the upper border of the channel pattern and could be set for a breakout.
If the breakout occurs, a surge towards the 0.7350 level could be expected within this session.
However, if the ascending channel holds, bearish traders might drive the price lower during the following trading session.
