AUD/USD Breakout Occurs

The Australian Dollar has surged by 62 pips or 0.80% against the US Dollar since yesterday’s trading session. A breakout occurred through the upper boundary of a descending channel pattern on Monday.

Given that a breakout had occurred, buyers are likely to pressure the exchange rate higher during Tuesday’s trading session. The possible target for the AUD/USD pair could be near the 0.7860 level.

However, a resistance level at 0.7823 could provide a barrier for bullish traders in the shorter term.

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