The Australian Dollar traded in a horizontal line against the US Dollar on Tuesday. The AUD/USD currency pair made about 17 pips movement during yesterday’s trading session.
The exchange rate was trading near the bottom border of an ascending channel pattern at 0.6867 during the European trading session on Wednesday and could be set for a breakout.
If this breakout occurs, a decline towards the 200– hour simple moving average at 0.6794 could be expected during the following trading session.
Although, the 50– hour SMA at 0.6862 might provide support for the currency exchange rate today.