Since Monday’s trading session, the Australian Dollar has declined by 33 pips or 0.44% against the US Dollar. The currency pair breached the 50– hour simple moving average at 0.7438 during the Asian session on Tuesday.
By and large, bearish traders are likely to continue to pressure the exchange rate lower within this session. A breakout through the lower boundary of an ascending channel pattern might occur.
However, if the channel pattern holds, the AUD/USD currency exchange rate could make a pullback towards the 0.7500 level during the following trading session.
