On Monday, the Australian Dollar edged higher by 73 pips or 1.00% against the US Dollar. The currency pair tested the upper boundary of an ascending channel pattern at 0.7366 during Monday’s trading session.
Technical indicators suggest buying signals on the 4-hour time frame chart. The AUD/USD exchange rate is likely to continue to trend higher during the following trading session.
However, the resistance level at 0.7368 might provide resistance for the currency exchange rate within this session.
