The Australian Dollar continued its sideways movement against the US Dollar on Wednesday. However, a breakout through the upper boundary of a descending channel pattern occurred during the end of the previous session.
Given that a breakout had occurred, it is likely that the Aussie continue to make gains against the Greenback within this session.
Nevertheless, a resistance cluster formed by the weekly pivot point and the 200-hour simple moving average at 0.7259 could hinder bullish traders from pushing the currency exchange rate higher today.
