The Australian Dollar appreciated about 66 base points against the US Dollar on Wednesday. The currency pair breached both the 200-hour SMA and the weekly PP near 0.7238 during the previous session.
However, after the exchange rate pierced the upper boundary of a triangle pattern at 0.7294 during the first part of today’s session, the pair began to decline.
Currently, the rate is moving towards a support cluster formed by the 200-hour simple moving average and the weekly pivot point at 0.7238.
If this support cluster holds, the AUD/USD currency exchange rate will aim for a re-testes of the upper border of the triangle pattern today.
