On Monday, the Australian Dollar edged higher by 37 pips or 0.52% against the US Dollar. A breakout occurred through the upper boundary of a descending channel pattern during the Asian session on Tuesday.
Given that a breakout has occurred, buyers could continue to drive the exchange rate higher within the following trading session. The potential target for bullish traders would be near the 0.7350 level.
However, the currency exchange rate could make a brief pullback towards the 0.7280 area within this session.
