The Australian Dollar has continued to maintain a medium-term ascending channel pattern against the US Dollar. The exchange rate gained about 42 base points during Wednesday’s trading session.
As for the near future, it is likely that the Aussie will continue to trade in the medium-term ascending channel. The currency pair might aim for the 50-hour simple moving average at 0.6975 today.
On the contrary, the currency exchange rate might reverse from the current price level at 0.6991 and target the upper boundary of the channel pattern at 0.7030 during the following trading session.
