A one-week descending channel pattern has guided the Australian Dollar lower against the US Dollar. The currency pair depreciated by about 70 base points during Wednesday’s trading session.
The 50-hour simple moving average was providing resistance for the AUD/USD currency pair at 0.7052 during the first half of today’s trading session.
If the exchange rate passes the 50-hour SMA, the next target for bullish traders will be near a swing high of 0.7092.
Although, if the resistance line formed by the 50-hour moving average holds, a decline towards the monthly S1 at 0.7005 could be expected today.
