The Australian Dollar surged by 86 pips or 1.13% against the US Dollar on Friday. The currency pair breached the 50-, 100– and 200– hour SMAs during Friday’s trading session.
Currently, the exchange rate is trading near the upper line of a descending channel pattern and could be set for a breakout.
If the breakout occurs, bullish traders could target the weekly resistance level at 0.7754 today.
However, if the channel pattern holds, a decline towards the weekly S1 at 0.7599 could be expected today.
