The Australian Dollar surged by 99 pips or 1.27% against the US Dollar on Friday. A breakout occurred through the upper boundary of an ascending channel pattern during Friday’s trading session.
Given that a breakout has occurred, buyers are likely to continue to pressure the exchange rate higher during this session. The potential target for bullish traders could be near the weekly R1 at 0.7910.
However, a resistance line at 0.7860 could provide resistance for the currency exchange rate in the shorter term.
