The Australian Dollar has surged by 70 pips or 0.93% against the US Dollar since Wednesday’s trading session. The currency pair was pressured up by the 50– and 100– hour SMAs.
As for the near future, the AUD/USD exchange rate could continue to gain momentum. A breakout through the upper boundary of an ascending channel pattern might occur within this session.
However, if the channel pattern holds, a decline towards the 0.7580 level could be expected during the following trading session.
