The Australian Dollar declined by 30 points or 0.43% against the US Dollar on Tuesday. The currency pair breached the 50– and 100– hour SMAs during yesterday’s trading session.
The exchange rate bounced off the lower boundary of an ascending channel pattern at 0.7114 during the Asian session on Wednesday. Most likely, the AUD/USD pair could edge higher today. The potential target for bulls would be at the 0.7200 level.
However, the resistance level at the 0.7150 area could provide a barrier for the currency exchange rate within this session.