The Australian Dollar is currently trading in a narrow ascending channel pattern against the US Dollar. The currency pair breached the weekly R2 at 0.7236 during Tuesday’s trading session.
All things being equal, the exchange rate could continue to edge higher in the narrow ascending channel pattern within this session. The potential target will be at the 0.7280 level.
However, yesterday’s resistance level at 0.7260 could provide resistance for the currency exchange rate during the following trading session.
