The Australian Dollar surged by 75 pips or 1.05% against the US Dollar on Thursday. The 200– hour simple moving average provided support for the exchange rate on Thursday.
All things being equal, the currency pair will most likely continue to trend bullish during the following trading session. A breakout through the upper boundary of an ascending channel pattern could occur.
However, if the channel pattern holds, bears could take control of the market until the end of the trading week.
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