The AUD/USD currency pair remained stable on Thursday, as it was trading near the upper boundary of a dominant descending channel during the previous trading session.
The exchange rate tested a support level formed by the 50-hour simple moving average at 0.7220 during the Asian session on Friday.
If the support line as mentioned above holds, a possible breakout through the upper boundary of the dominant descending channel pattern could be expected.
However, if the currency exchange rate passes the 50-hour SMA, a potential 60 pips movement south is a possibility.
