The Aussie Dollar has surged by 88 pips or 1.40% against the US Dollar since Wednesday’s trading session. The currency pair tested the upper boundary of a descending channel pattern at 0.6356 on Thursday morning.
Given that the exchange rate is trading near the upper line of the descending channel pattern, a breakout might occur within this session.
However, if the descending channel holds, bearish traders could pressure the currency exchange rate towards the weekly support level at 0.6267 during the following trading session.
