The AUD/USD currency pair depreciated about 31 base points during yesterday’s trading session. The decline was temporary stopped by the 50-hour simple moving average.
However, during the morning hours of today’s session, the exchange rate breached the 50-hour SMA. The pair is gradually moving towards the lower boundary of an ascending channel pattern at 0.7005.
Technical indicators demonstrate that the currency exchange rate might reverse from the given support level at 0.7005.
Meanwhile, today’s macroeconomic data releases might play a significant role in the movement of the Aussie within this session.
