The Australian Dollar has been trading in an uptrend line against the US Dollar. This surged began after the currency pair bounced off its bottom border of the trendline 0.7024 on October 26.
The exchange rate breached the 50-hour simple moving average at 0.7190 during the morning hours of Monday’s session.
Everything being equal, it is likely that the AUD/USD currency pair aim for a re-tests of the upper boundary of a dominant descending channel at 0.7250 within this session.
Although, a resistance level formed by the weekly R1 at 0.7200 could hinder the currency exchange rate from reaching the target today.
