The Australian Dollar surged by 303 pips or 5.35% in value against the US Dollar on Friday. The currency pair tested the upper boundary of a descending channel pattern during Friday’s trading session.
As for the near future, the exchange rate could slide lower in the descending channel pattern. The AUD/USD pair might aim for the weekly S1 at 0.5435 within the following trading session.
On the other hand, the currency exchange rate could reverse from the current price level at 0.5772 and a breakout through the upper boundary of the channel pattern could occur within this session.
