On Wednesday, the Australian Dollar declined by 41 pips or 0.61% in value against the US Dollar. The decline was stopped by the 100– hour simple moving average during yesterday’s trading session.
As for the near future, the AUD/USD exchange rate could edge higher. A possible breakout through the upper boundary of a descending channel pattern might occur within this session.
However, the weekly resistance level at 0.6742 could still provide resistance for the currency exchange rate on Thursday.
