The Australian Dollar was moving between the upper and lower boundaries of a junior ascending channel pattern during yesterday’s trading session. The exchange rate gained about 47 base points during Wednesday’s trading session.
The currency pair breached the lower band of the junior ascending channel during the European trading session on Thursday. Currently, the pair is testing a support level formed by the 100– and 200-hour SMAs at 0.7061.
If this support level holds, the currency exchange rate will aim for a swing high of 0.7100 during the following trading session.
Meanwhile, technical indicators flash strong sell signals on the daily time frame chart.