The Australian Dollar traded in a horizontal line against the US Dollar on Tuesday. The currency pair made about 17 base points movement during yesterday’s trading session.
A breakout occurred through the lower boundary of an ascending channel pattern at 0.6924 during the morning hours of today’s trading session.
Given that a breakout had occurred, it is likely that the AUD/USD currency exchange rate will aim for the 200-hour simple moving average at o.6902 within this session.
However, a support level formed by the weekly pivot point at 0.6909 could hinder such movement.
