The Australian Dollar surged by 96 pips or 1.26% against the US Dollar on Tuesday. The currency pair tested the upper line of a descending channel pattern at 0.7713 during Tuesday’s trading session.
The exchange rate reversed from the upper boundary of the channel pattern during the Asian session on Wednesday. Most likely, the AUD/USD pair could continue to edge lower today.
However, given that the currency exchange rate is currently trading near the upper line of the descending channel pattern, a breakout could occur within this session.
