The Australian Dollar declined by 38 points or 0.55% against the US Dollar on Thursday. The decline was stopped by the 50– hour simple moving average during yesterday’s trading session.
Everything being equal, the currency pair will most likely continue to trade in the ascending channel pattern. The possible target for bullish traders would be at the 0.6960 level.
Furthermore, technical indicators demonstrate that bulls are likely to pressure the currency exchange rate higher during the following trading session.