The Australian Dollar appreciated about 58 base points against the US Dollar on Wednesday. A breakout occurred through the upper boundary of a descending channel pattern during the morning hours of today’s trading session.
Given that a breakout had occurred, Most likely, the AUD/USD currency pair will continue its upward movement today. The potential target will be near a swing high at 0.7035.
However, a resistance line formed by the 200-hour simple moving average at 0.6984 could provide resistance for the currency exchange rate during the following trading session.