The Australian Dollar bounced off a support cluster formed by the lower boundary of an ascending channel pattern and 200-hour simple moving average at 0.7111 during Wednesday’s trading session.
Most likely, the currency exchange rate could edge lower towards a support level at 0.7143 within this session.
If the support line as mentioned above holds, the AUD/USD currency pair will continue its upside movement today.
However, if the pair passes the support line, a potential breakout through the lower boundary of an ascending channel pattern might occur.
