During the past 24 hours, the Australian Dollar has appreciated about 53 base points against the US Dollar. The currency pair breached the 200-hour simple moving average at 0.7011 during the Asian trading session on Friday.
The exchange rate is currently trading near the upper boundary of a descending channel pattern at 0.6998 and could be set for a breakout.
If this breakout occurs, a surge towards a resistance level at 0.7026 could be expected during the following trading session.
However, if the upper boundary of the channel pattern holds, bears would continue their dominance over the exchange rate today.
