The 200-hour simple moving average provided resistance at 0.6967 for the AUS/USD currency pair during yesterday’s trading session. The Aussie versus the Greenback has revealed a new junior descending channel pattern.
As for the near future, it is likely that the exchange rate will make a brief retracement towards a resistance cluster formed by the combination of the 50– and 200-hour SMAs at 0.6964 within this session.
If the resistance cluster holds, the currency exchange rate might continue its downward swing during the following trading session.
