The Australian Dollar edged higher by 48 basis points or 0.68% against the US Dollar on Tuesday. The currency pair tested the 100– hour SMA resistance level at 0.7076 on Wednesday morning.
Currently, the exchange rate trading near the upper boundary of a descending channel pattern and could be set for a breakout.
If the breakout occurs, a surge towards a resistance cluster at 0.7132 could be expected today.
However, if the channel pattern holds, bearish traders might pressure the currency exchange rate lower within this session.