The Australian Dollar has surged about 38 basis points against the US Dollar since yesterday’s trading session. The currency pair tested the 38.20% Fibonacci retracement level at 0.6920 during the morning hours of Thursday’s session.
The exchange rate will likely continue to surge today. A potential breakout through the upper boundary of a descending channel pattern could occur.
If this breakout occurs, a surge towards the 61.80% Fibonacci level at 0.6962 could be expected.
Though, technical indicators suggest that the pair might trade sideways within this session.
