The Australian Dollar surged by 63 basis points or 0.99% against the US Dollar on Thursday. The currency pair tested the 200– hour simple moving average at 0.6469 during Thursday’s session.
Everything being equal, the AUD/USD exchange rate is likely to maintain the descending channel pattern. A decline towards the weekly support level at 0.6419 could be expected today.
However, given that the currency exchange rate is currently trading near the upper line of the descending channel, a breakout may occur during the following trading session.
