The Australian Dollar surged by 39 pips or 0.53% against the US Dollar on Tuesday. The currency pair breached the 50– and 100– hour SMAs during yesterday’s trading session.
Most likely, the exchange rate could continue to edge higher in an ascending channel pattern within the following trading session. The potential target for the AUD/USD pair would be near the weekly resistance level at 0.7429.
However, given that the currency exchange rate is currently trading near the lower boundary of the channel pattern, a breakout could occur during the following trading session.
