AUD/USD Analysis: breakout occurs

Dukascopy Bank Team Dukascopy Bank SA

AUD/USD

The Australian Dollar has surged by 32 basis points against the US Dollar since yesterday's trading session. A breakout occurred through the upper boundary of a descending channel pattern during the morning hours on Friday.

Given that a breakout had occurred, the AUD/USD exchange rate will continue to edge higher within this session. The potential target will be near a psychological level at the 0.6920 area.

However, resistance levels at the 0.6887/0.6906 regions could hinder bullish traders from driving the currency exchange rate higher during the following trading session.

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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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