The Australian Dollar surged by 54 pips or 0.71% against the US Dollar on Thursday. The currency pair breached the weekly R2 at 0.7753 during yesterday’s trading session.
All things being equal, the AUD/USD exchange rate could continue to edge higher during the following trading session. A breakout through the upper line of an ascending channel pattern could occur.
However, if the channel pattern holds, the currency exchange rate would make a brief pullback towards the 0.7700 level within this session.
