The Australian Dollar surged by 68 points or 0.88% against the US Dollar on Wednesday. The currency pair tested the upper line of an ascending channel pattern at 0.7820 during Wednesday’s trading session.
As for the near future, the exchange rate could continue to edge higher during the following trading session. The potential target for bullish traders would be near the weekly R2 at 0.7848.
However, if the AUD/USD currency exchange rate breaks a support cluster at the 0.7770 level, a decline towards the 0.7700 area could be expected during the following trading session.
