The Australian Dollar declined by 45 pips or 0.63% against the US Dollar on Tuesday. The currency pair tested the lower boundary of an ascending channel pattern at 0.7153 during Tuesday’s trading session.
Currently, the exchange rate is trading near the bottom border of the channel pattern at 0.7166 and could be set for a breakout.
If this breakout occurs, a decline towards the 0.7100 level could be expected within the following trading session.
However, if the ascending channel pattern holds, bullish traders are likely to pressure the AUD/USD pair higher today.
