The Australian Dollar edged higher by 81 pips or 1.09% against the US Dollar on Friday. The currency pair bounced off the lower line of a descending channel pattern during Friday’s trading session.
The exchange rate is currently trading near the upper boundary of the channel pattern and could be set for a breakout.
If the breakout occurs, bullish traders could pressure the AUD/USD pair towards the weekly resistance level at 0.7600 in this session.
However, if the descending channel pattern holds, the currency exchange rate will most likely maintain the downward movement in the nearest future.
