The Australian Dollar declined by 33 pips against the US Dollar during the first half of yesterday’s trading session. However, the currency pair recovered some of its lost points at the end of Tuesday’s session.
Everything being equal, the exchange rate will target the upper boundary of a descending channel pattern at 0.6720.
Although, a resistance cluster formed by the 100– and 200– hour simple moving average and the weekly pivot point at 0.6708 could provide resistance for the AUD/USD currency exchange rate within the following trading session.
