The Australian Dollar surged by 44 basis points or 0.61% 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 had occurred, bullish traders are likely to pressure the exchange rate higher within this session. The possible target for bulls would be near the weekly resistance level at 0.7341.
However, a resistance line at 0.7320 could provide a barrier for bulls during the following trading session.
