The Australian Dollar reversed from the upper boundary of a descending channel pattern at 0.6760 against the US Dollar on Monday. The currency pair depreciated by 34 basis points during Monday’s trading session.
The Aussie bounced off the lower boundary of a junior ascending channel pattern at 0.6734 during the Asian session on Tuesday.
By the middle of the European trading session, the exchange rate has breached a resistance level formed by the 50– hour SMA at 0.6749.
Most likely, the bullish movement will continue within the next hours and possibly breaks the descending channel.
