The Australian Dollar appreciated about 72 base points against the US Dollar on Friday. The currency pair tested the upper boundary of a descending channel pattern at 0.7129 at the end of Wednesday’s trading session.
Most likely, the exchange rate will move towards the weekly pivot point at 0.7090 within this session.
However, given that the currency exchange rate is trading near the upper boundary of the descending channel pattern, a breakout could be expected during the following trading session.
