The Australian Dollar surged by 42 pips or 0.55% against the US Dollar on Friday. The currency pair breached the 50– hour simple moving average at 0.7740 during Friday’s trading session.
Currently, the exchange rate is trading near the upper boundary of an ascending channel pattern and could be set for a breakout.
If the breakout occurs, a surge towards the weekly R2 at 0.7847 could be expected within this session.
However, if the channel pattern holds, the currency exchange rate would make a brief pullback towards the weekly PP at 0.7727 today.
