The Australian Dollar fell by 92 pips or 1.20% against the US Dollar on Tuesday. The currency pair tested the weekly support level at 0.7566 during Tuesday’s trading session.
The exchange rate bounced off from the lower boundary of a descending channel pattern at 0.7580 during the Asian session on Wednesday.
Most likely, the AUD/USD pair could continue to edge higher until the end of Wednesday’s trading session.
However, the 50– and 100– hour SMAs near the 0.7634 could provide resistance for the currency exchange rate in the shorter term.
