Australia’s Dollar declined by 46 pips or 0.60% against the US Dollar on Monday. The currency pair tested the lower boundary of an ascending channel pattern at 0.7660 during yesterday’s trading session.
Given that the AUD/USD exchange rate had bounced off the bottom border of the channel pattern, bullish traders are likely to drive the price higher during the following trading session.
However, a resistance level formed by the 100– and 200– hour SMAs at 0.7735 could provide a barrier for bulls within this session.
