AUD/USD analysis: Likely to surge
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Upside risks have dominated the Australian Dollar against the US Dollar since yesterday's trading session. The AUD/USD currency pair has surged by 96 pips or 1.25% during this short period.
Everything being equal, the exchange rate could continue to edge higher within the following trading session. A breakout from the upper boundary of an ascending channel pattern is likely to occur.
However, the weekly R1 at 0.7800 could provide resistance for the currency exchange rate within this session.
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