On Monday, the Australian Dollar rose by 44 pips or 0.60% against the US Dollar. The currency pair breached the 50– hour simple moving average at 0.7264 during the Asian session on Tuesday.
As for the near future, the exchange rate could continue to edge higher. Bullish traders may target the 0.7340 level within the following trading session.
However, technical indicators suggest that the AUD/USD currency exchange rate might continue to trend lower in a descending channel pattern during Tuesday’s trading session.
