On Thursday, the Australian Dollar edged higher by 55 pips or 0.77% against the US Dollar. The surge was stopped by the 200– hour simple moving average at 0.7250 during Thursday’s trading session.
Technical indicators suggest selling signals on the 4H, daily and weekly time-frame charts. Most likely, the exchange rate could maintain the descending channel pattern during the following trading session.
However, the 50– hour simple moving average at 0.7212 could provide support for the currency exchange rate within this session.
