The Australian Dollar surged by 46 pips or 0.60% against the US Dollar on Thursday. A breakout occurred through the upper boundary of a descending channel pattern during Thursday’s trading session.
Given that a breakout has occurred, the exchange rate is likely to continue to edge lower during the following trading session. The potential target for bullish traders could be near the 0.7784 area.
However, the 200– hour simple moving average at 0.7754 could provide resistance for the currency exchange rate in the shorter term.
