The Australian Dollar surged by 74 pips or 1.15% against the US Dollar on Tuesday. The currency pair tested the weekly R2 at 0.6502 during yesterday’s trading session.
Currently, the exchange rate is trading near the upper line of an uptrend and could be set for a breakout.
If this breakout occurs, a surge towards the weekly R3 at 0.6599 could be expected within this session.
However, if the descending channel pattern holds, bearish traders could aim for the 50– hour simple moving average at 0.6478 today.
