The Aussie Dollar surged by 69 pips or 1.09% against the US Dollar on Tuesday. The 50– hour SMA continued to pressure the currency pair higher during yesterday’s session.
However, the exchange rate began Wednesday’s session with bearish momentum and by the middle of the day, the AUD/USD pair has declined by 103 basis points.
Given that the currency exchange rate has breached the ascending channel pattern, bearish traders could drive the price lower within this session. The potential target will be at the weekly pivot point at 0.6230.
Although, technical indicators suggest bulls could take control of the market during the following trading session.
