The Australian Dollar surged by 50 points or 0.69% against the US Dollar on Friday. A breakout occurred through the upper boundary of a descending channel pattern during the Asian session on Monday.
Given that a breakout has occurred, the exchange rate could continue to edge higher during the following trading session. The potential target for bullish traders would be near the weekly R1 at 0.7330.
However, a resistance level at 0.7313 could provide a barrier for the AUD/USD currency exchange rate within this session.
