The Australian Dollar made a 22-pip movement against the US Dollar during yesterday’s trading session. The currency pair tested the 50– and 200– hour SMAs at 0.6901 on Tuesday.
All things being equal, the AUD/USD exchange rate could make a brief retracement down towards the 0.6860 area within this session.
However, given that the currency exchange rate is currently trading near the upper boundary of a descending channel pattern, a breakout could occur within the following trading session.
