The Australian Dollar declined by 99 basis points or 1.48% against the US Dollar on Wednesday. The currency pair breached the 50– hour simple moving average during Wednesday’s trading session.
The exchange rate bounced off the bottom border of an ascending channel pattern at 0.6582 at the end of yesterday’s session. Most likely, the AUD/USD pair will continue to edge higher today.
However, the weekly resistance level at 0.6629 could restrict buyers from pushing the price higher within the following trading session.
