The Australian Dollar declined by 53 basis points or 0.74% against the US Dollar on Tuesday. The currency pair breached the 50– and 100– hour SMAs during Tuesday’s trading session.
Currently, the exchange rate is testing the lower line of an ascending channel pattern at 0.7120. If the support line, formed by the ascending channel holds, bullish traders could pressure the price higher within this session.
However, if the currency exchange rate breaks the channel pattern, a decline towards the 0.7100 level could be expected today.