The Australian Dollar declined by 120 pips or 1.84% against the US Dollar on Tuesday. The currency pair breached the 50-, 100– and 200– hour SMAs during yesterday’s trading session.
Most likely, the exchange rate will continue to edge lower during the following trading session. A breakout could occur through the lower boundary of an ascending channel pattern.
However, if the ascending channel pattern holds, bullish traders could pressure the price higher within this session.
