The Australian Dollar has been trading within 65 pips range against the US Dollar since the beginning of this week.
The currency pair is trading near the 50– and 100-hour SMAs during the middle of the European trading session on Wednesday. From a theoretical point of view, it is likely that the exchange rate aim north towards the 200-hour simple moving average at 0.7270 today.
However, it is important to note that the AUD/USD currency exchange rate needs to surpass the upper boundary of a descending channel pattern and the monthly pivot point at 0.7244 could hinder the pair from reaching its target.
