Australia’s Dollar fell by 40 pips or 0.50% against the US Dollar on Tuesday. The currency pair tested the bottom border of an ascending channel pattern during the Asian session on Wednesday.
The AUD/USD exchange rate is likely to continue to edge lower during the following trading session. A breakout through the lower boundary of the channel pattern may occur.
However, if the ascending channel holds, bullish traders could drive the currency exchange rate higher towards the 0.7800 level within the following trading session.
