The Australian Dollar was guided up by a junior ascending channel pattern against the US Dollar during yesterday’s trading session. The currency pair tested a swing high of 0.6940 on Monday.
By and large, it is likely that the AUD/USD currency pair will maintain the junior ascending channel pattern within this session. If the channel holds, the rate will aim for a resistance cluster formed by the combination of the weekly and the monthly pivot points at 0.6959 today.
However, if the currency exchange rate breaks the channel pattern, a decline towards the 100– and 200-hour SMAs at 0.6902 could follow.
