The Australian Dollar surged by approximately 35 pips or 0.46% against the US Dollar on Tuesday. The currency pair tested the resistance level at 0.7785 during Tuesday’s trading session.
A breakout occurred through the lower boundary of an ascending channel pattern pre-London session on Wednesday.
Given that a breakout has occurred, bearish traders are likely to pressure the AUD/USD pair lower today.
However, the weekly pivot point at 0.7726 could provide support for the currency exchange rate in the shorter term.
