The Australian Dollar has declined by 73 basis points or 1.06% against the US Dollar on Wednesday.
Currently, the exchange rate is trading near a resistance cluster formed by the 50– and 100– hour SMAs near the 0.6892 area.
If the resistance cluster holds, a breakout could occur through the lower boundary of the ascending channel pattern.
However, if the AUD/USD pair breaks the 50– and 100– hour SMAs, bullish traders could pressure the price higher during the following trading session.
