The AUD/USD pair bounced off from the lower boundary of an ascending channel pattern at 0.6119 on Wednesday. As a result, the currency pair surged by 113 basis points or 1.84% during yesterday’s trading session.
All things being equal, the Aussie will most likely continue to edge higher within the following trading session. The potential target for the pair will be at the weekly R2 at 0.6293.
On the other hand, the currency exchange rate might reverse from the current price level at 0.6202 and target the weekly R1 at 0.6139 during the following trading session.
