The Australian Dollar appreciated about 61 basis points against the US Dollar on Tuesday. The currency pair tested the upper boundary of a descending channel pattern at 0.6800 during Tuesday’s trading session.
After hitting the upper border of the descending channel, the exchange rate began to decline. Currently, the pair is testing a support cluster formed by the 50-, 100– and 200– hour SMAs.
If the support cluster holds, the currency exchange rate will continue its upside movement today.
However, if the rate passes the SMAs, a decline towards the 61.80% Fibonacci retracement level could be expected within this session.