The Australian Dollar depreciated about 63 base points against the US Dollar on Wednesday. The currency pair tested the lower boundary of an ascending channel pattern at 0.7068 during yesterday’s trading session.
Bullish traders tried to drive the exchange rate higher during the morning hours of today’s trading session. However, a resistance cluster formed by the combination of the 50-, 100– and 200-hour SMAs and the weekly pivot point at 0.7103 restricted such movement.
If the resistance cluster holds within this session, traders should expect a breakout through the lower boundary of an ascending channel pattern.
