The Australian Dollar consolidated bellow the 0.7300 level against the US Dollar during Friday’s trading session. The AUD/USD currency pair made about 30 pips move on Friday.
Currently, the exchange rate is trading near the upper line of an ascending channel pattern at 0.7286 and could be set for a breakout.
If the breakout occurs, a surge towards the 0.7340 level could be expected within this session.
However, if the channel pattern holds, bears might drive the currency exchange rate lower in the shorter term.
