The Australian Dollar depreciated about 35 basis points against the US Dollar on Tuesday. The currency pair tested the lower boundary of a descending channel pattern at 0.6800 during yesterday’s trading session.
Currently, the exchange rate is testing a resistance cluster formed by the 50– and 200– hour SMAs and the weekly pivot point at 0.6820.
If the AUD/USD pair breaks the resistance cluster, the next target for bullish traders would be at the 0.6828 zones.
However, if the 50– and 200– hour simple moving averages hold, the currency exchange rate could continue trading in the descending channel pattern during the following trading session.
