The Australian Dollar surged by 65 pips or 0.85% against the US Dollar on Thursday. The AUD/USD currency pair breached the 0.7800 level during the Asian session on Friday.
Currently, the exchange rate is trading near the lower line of an ascending channel pattern and could be set for a breakout.
If the breakout occurs, a decline towards the 0.7680 area could be expected within this session.
However, a support cluster formed by the 50– and 200– hour SMAs at 0.7737 could provide support for the currency exchange rate today.
