The Australian Dollar declined by 75 pips or 0.96% against the US Dollar on Tuesday. The currency pair breached the 50– hour simple moving average during yesterday’s trading session.
The exchange rate bounced off the support line at 0.7680 during the Asian session on Wednesday. The AUD/USD pair could edge higher during the following trading session.
However, the upper line of a descending channel pattern is likely to provide support for the currency exchange rate in the shorter term.
