The Australian Dollar has surged by 74 pips or 1.13% against the US Dollar on Wednesday. The currency pair tested the weekly R2 at 0.6617 during Wednesday's trading session.
Currently, the exchange rate is trading near the bottom border of an ascending channel pattern at 0.6567.
If the channel pattern holds, the AUD/USD pair would continue to surge within this session.
However, if the currency exchange rate breaks the ascending channel, a decline towards the weekly R1 at 0.6515 could be expected today.
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