The Australian Dollar appreciated about 0.55% in value against the US Dollar on Tuesday. The surge was stopped by a resistance level formed by the 100– hour simple moving average at 0.6865 during yesterday’s trading session.
Wednesday’s trading session began with bearish momentum. As a result, a breakout occurred through the lower boundary of a dominant ascending channel pattern at 0.6845.
Given that a breakout had occurred, the AUD/USD currency exchange rate will most likely target a support level set by the weekly S2 at 0.6812 during the following trading session.
