The Australian Dollar made a pullback from the upper boundary of an ascending channel pattern against the US Dollar on Thursday. The currency pair depreciated about 42 basis points during yesterday’s trading session.
From a theoretical perspective, bears might target the bottom border of the channel pattern at 0.6865 within this trading session.
However, the 50– hour simple moving average at 0.6893 could provide support for the AUD/USD currency exchange rate during the following trading session.
Meanwhile, technical indicators demonstrate that bullish momentum could continue to pressure the pair higher today
