On Wednesday, the Australian Dollar rose by 62 pips or 0.85% against the US Dollar. The AUD/USD currency pair lingered below the 0.7400 level during Wednesday’s trading session.
As for the near future, the exchange rate could continue to edge higher. A breakout through the upper boundary of an ascending channel pattern could occur within this session.
However, if the channel pattern holds, a decline towards the 0.7340 area could be expected during the following trading session.
