The Australian Dollar surged by 45 pips or 0.58% against the US Dollar on Monday. The currency pair tested the weekly resistance level at 0.7809 during Monday’s trading session.
Currently, the exchange rate is trading near the lower boundary of an ascending channel pattern and could be set for a breakout.
If the breakout occurs, a decline towards the 0.7740 area could be expected within this session.
However, if the channel pattern holds, buyers would drive the currency exchange rate higher today.
