A junior ascending channel pattern has guided the Australian Dollar against the US Dollar since November 14. The currency pair appreciated by 40 basis points during yesterday’s trading session.
After the exchange rate tested the upper boundary of the channel pattern and the monthly PP at 0.6830, the AUD/USD pair began to decline.
As for the near future, the currency exchange rate will most likely continue to decline within this session. Bearish traders could target the lower boundary of the ascending channel pattern at 0.6800.
However, the 100– hour simple moving average could provide support for the pair within this session.