The AUD/USD exchange rate rebounded from the support line at 0.7712 during Monday’s trading session. As a result, the Australian Dollar surged by 46 pips or 0.59% against the US Dollar on Monday.
Currently, the exchange rate is trading near the upper line of a descending channel pattern and could be set for a breakout.
If the breakout occurs, a surge towards the 0.7800 level could be expected within this session.
However, if the channel pattern holds, bearish traders are likely to pressure the currency exchange rate lower today.
