The Australian Dollar has surged by 105 points or 1.45% the US Dollar since Tuesday’s trading session. The currency pair is currently trading in a narrow descending channel pattern.
Technical indicators suggest selling signals on the 4H time-frame chart. Therefore, the AUD/USD exchange rate could continue to edge lower in the narrow descending channel pattern during the following trading session.
On the other hand, the currency exchange rate could make a U-turn from the current price level at 0.7129 and target the 0.7166 level within this session.
