The Australian Dollar is trading in a triangle-like formation pattern against the US Dollar. The currency pair tested the upper boundary of the pattern at 0.7279 during Wednesday’s session.
A resistance cluster formed by the 50– and 100-hour SMAs at 0.7249 was preventing the bulls from driving the exchange rate higher during the morning hours of Thursday’s trading session.
If this cluster holds, a possible breakout through the lower boundary of the triangle pattern could be expected today.
