The Australian Dollar edged higher by 60 pips or 0.78% against the US Dollar on Monday. The surge was stopped by the 50– hour simple moving average at 0.7785 during yesterday’s trading session.
All things being equal, the exchange rate is likely to edge lower within Tuesday’s trading session. A breakout through the lower boundary of an ascending channel pattern might occur.
However, if the channel pattern holds, bullish traders might push the currency exchange rate higher towards the 200– hour SMA at 0.7847 today
