The price movement of the AUD/USD currency pair was guided by a junior ascending channel pattern. The exchange rate bounced off its lower boundary of the channel pattern during the end of the previous session.
As for the near future, it is likely that the Greenback will maintain the newly formed ascending channel pattern. The short-term target for bullish traders will be at the upper boundary of the channel pattern at 0.7220.
On the other hand, the currency exchange rate could reverse from the current price level and aim for the bottom border of the ascending channel during the following trading session.
