The Australian Dollar surged by 50 pips or 0.66% against the US Dollar on Thursday, The currency pair breached the weekly resistance level at 0.7755 during Thursday’s trading session.
Currently, the exchange rate is trading near the lower boundary of an ascending channel pattern at 0.7724 and could be set for a breakout.
If the breakout occurs, bearish traders could target the 0.7666 level within this session.
However, if the channel pattern holds, buyers might pressure the AUD/USD currency exchange rate higher during the following trading session.
