The Australian Dollar versus the US Dollar tested the resistance line of the descending channel pattern at 0.6872 during Wednesday’s trading session.
From a theoretical point of view, the currency pair could make a downside reversal within this session.
Although, given that the 50-, 100– and 200– hour SMAs are above the price level, the currency exchange rate will most likely continue to trade south during the following trading session.
However, given that the exchange rate is currently trading near the upper border of the descending channel pattern, a breakout might occur today.
