AUD/USD manages to move higher

The Australian Dollar continues to appreciate against the US Dollar for the second consecutive session. Even thought the rate managed to touch the upper boundary of the ascending channel early on Thursday, it still gathered enough force to reach for another peak at 0.7850.

The rate was poised for a bearish reversal; however, weak US fundamentals mid-session shot the rate through the upper channel boundary and towards the 0.7880 mark.

For the reason that technical indicators were converging prior to this surge, it is still expected that bears could take the upper hand and move the Aussie closer to the 200– and 100-hour SMAs and the weekly PP circa 0.78.