Upside risks dominated the Australian Dollar versus the US Dollar on Thursday. The AUD/USD currency pair tested the weekly resistance level at 0.7784 during Thursday’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 0.7820 level could be expected within this session.
However, if the channel pattern holds, bearish traders could pressure the currency exchange rate lower during the following hours.
