The Australian Dollar surged by 63 pips or 0.82% against the US Dollar on Wednesday. The currency pair breached the 200– hour simple moving average at 0.7735 during the Asian session on Thursday.
All things being equal, the exchange rate could continue to trend higher in an ascending channel pattern during the following trading session. The potential target for buyers will be near the weekly R1 at 0.7805.
A possible downside reversal could occur from the weekly resistance level within this session.