The AUD/USD currency pair bounced off the lower boundary of an ascending channel pattern on Wednesday. The exchange rate surged by 58 pips or 0.82% during Wednesday’s trading session.

Currently, the Aussie is testing the upper line of a junior descending channel at 0.7169. If the channel pattern holds, a decline towards the 0.7120 could be expected within this session.

However, if the currency exchange rate breaks the descending channel pattern, bullish traders could target the 0.7220 today.

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