The Australian Dollar has been appreciating in an ascending channel pattern against the US Dollar since October 10. The exchange rate reversed south from the upper line of an ascending channel pattern at 0.6808.
The exchange rate breached the 50– hour simple moving average at 0.6777 during the morning hours of Monday’s session.
Everything being equal, the AUD/USD pair will likely continue to fall until it reaches a support level formed by the 200– period SMA at 0.6745.
If the support level holds, a potential upside reversal could occur during the following trading session.
