The AUD/USD currency pair reached the previously set target at 0.7040 at the end of yesterday’s trading session.
As for the near future, the exchange rate is expected to make a retracement towards the 50– hour simple moving average at 0.7012. In addition, the pair could find support near the 50– and 100-hour SMAs.
If the support level holds, the currency exchange rate could continue its upside movement during the following trading session.
However, if the pair passes the support line, a decline towards the bottom border of an ascending channel pattern could be expected.
