Australia’s Dollar surged by 80 pips or 1.04% against the Greenback on Tuesday. A breakout occurred through the upper boundary of a descending channel pattern at 0.7722 during Tuesday’s trading session.
Given that a breakout had occurred, bullish traders are likely to pressure the AUD/USD exchange rate higher during the following trading session. The possible target would be at the weekly R1 at 0.7776.
However, a resistance level at the 0.7760 area could provide resistance for the currency exchange rate within this session.
