The 50– hour simple moving average pressured the AUD/USD currency pair lower on Thursday. The currency pair breached the upper boundary of a narrow descending channel pattern during yesterday’s trading session.
Given that the Aussie has breached the narrow descending channel pattern, bullish traders might attempt to drive the exchange rate towards the 0.7145 level within this session.
However, the 50– hour SMA at 0.7069 could still provide resistance for the currency exchange rate in the shorter term.
