AUD/USD analysis: Breakout could occur

Dukascopy Bank Team Dukascopy Bank SA

AUD/USD

The Australian Dollar surged by 79 pips or 0.91% against the US Dollar on Friday. The currency pair tested the upper line of a descending channel pattern at 0.7784 during the Asian session on Monday.

Currently, the exchange rate is trading near the upper boundary of the channel pattern and could be set for a breakout.

If the breakout occurs, a surge towards the 0.7840 level could be expected within this session.

However, if the descending channel pattern holds, sellers may pressure the currency exchange rate lower today.

Author

Dukascopy Bank Team

Dukascopy Bank SA

Dukascopy Bank stands as an innovative Swiss online banking institution, with its headquarters situated in Geneva, Switzerland.

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