During the last 24 hours, the Australian Dollar versus the US Dollar has made about 37 pips movement. The currency pair consolidated below a psychological resistance level at 0.70 during the first half of Wednesday’s trading session.
If the exchange rate passes the psychological resistance level, a surge towards the 0.7040 mark could be expected within this session.
However, if the level as mentioned earlier holds, a potential breakout through the lower boundary of an ascending channel pattern could occur.
Technical indicators flash buy signals on the daily time-frame chart. Most likely, the currency exchange rate could continue its upside movement today.
