The Australian Dollar traded sideways against the US Dollar on Tuesday. However, the situation changes during the Asian trading session on Wednesday, as bears drove the currency pair closer to the bottom border of a junior descending channel pattern at 0.7034.
By and large, it is likely that the AUD/USD exchange rate will make an upside movement within this session. The potential target will be near the 50-hour simple moving average at 0.7075.
On the other hand, the currency exchange rate could continue its downwards movement today and perhaps breaks the junior descending channel.
