A breakout through the lower boundary of a descending channel pattern occurred during the morning hours of today’s trading session.
Given that a breakout had occurred, it is likely that the Australian Dollar could continue to lose ground against the US Dollar within this session. The currency pair might target a support cluster formed by the weekly pivot point and the combination of the 100– and 200-hour SMAs at 0.6989 today.
However, the 50-hour simple moving average at 0.7024 could provide support for the currency exchange rate during the following trading session.
