The Australian Dollar surged by 79 pips or 0.91% against the US Dollar on Friday. The currency pair tested the upper line of a descending channel pattern at 0.7784 during the Asian session on Monday.
Currently, the exchange rate is trading near the upper boundary of the channel pattern and could be set for a breakout.
If the breakout occurs, a surge towards the 0.7840 level could be expected within this session.
However, if the descending channel pattern holds, sellers may pressure the currency exchange rate lower today.
