The Australian Dollar edged higher by 59 pips or 0.82% against the US Dollar on Wednesday. The currency pair tested the upper boundary of an ascending channel pattern during yesterday’s trading session.
Everything being equal, the exchange rate could continue to trade in the ascending channel within the following trading session. The possible target could be a retest of the upper line of the channel pattern at 0.7184.
However, if the AUD/USD currency exchange rate breaks the ascending channel pattern, the next target for bullish traders would be at the 0.7250 level.
