The Australian Dollar has surged by 83 points or 1.16% against the US Dollar since Thursday’s trading session. The currency pair tested the upper boundary of an ascending channel pattern on Friday morning.
All things being equal, the exchange rate will most likely continue to edge higher during the following trading session. The possible target for bullish traders would be at 0.7330.
However, if the resistance level, formed by the upper line of an ascending channel pattern holds, a decline towards the 50– hour simple moving average at 0.7245 could be expected today.
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