The Australian Dollar edged higher by 45 basis points or 0.61% against the US Dollar on Wednesday. The currency pair bounced off a support level formed by the 50– hour simple moving average at 0.7328 during Wednesday’s trading session.
Most likely, the exchange rate could continue to trend in an ascending channel pattern within this session. The possible target for bullish traders would be near the 0.7400 level.
However, if the currency exchange rate breaks the 50– hour SMA support line, a decline towards the 0.7328 area could be expected within this session.
