During Wednesday’s trading session, the 100-hour simple moving average provided support for Australian Dollar versus the US Dollar. The currency pair re-tested the moving average during the first half of today’s session.

However, strong bearish momentum broke the support level set by the 100-hour SMA on Thursday.

By and large, it is likely that bearish traders could push the exchange rate towards the lower line of an ascending channel pattern at 0.7153.

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If the ascending channel pattern holds, a reversal north could be expected within this trading session

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