The Australian Dollar has continued to trade in a descending channel pattern against the US Dollar. The currency pair tested the lower boundary of the channel at 0.6991 during yesterday’s trading session.
Everything being equal, it is likely that the AUD/USD exchange rate will aim of the upper band of the channel pattern within this session.
If the descending channel pattern holds, the currency exchange rate will make a retracement south.
However, if a breakout occurs, the next target for bullish traders will be near the 200-hour SMA at 0.7116.