The Australian Dollar surged by 110 pips or 1.43% against the US Dollar on Wednesday. The currency pair breached the upper line of an ascending channel pattern at 0.7740 during yesterday’s trading session.
Most likely, the exchange rate could continue to edge higher during the following trading session. The potential target for the AUD/USD pair will be near the weekly resistance level at 0.7905.
However, the currency exchange rate might make a brief retracement towards the 50– hour simple moving average at 0.7752 within this session.
