Australia’s dollar fell by 46 pips or 0.58% against the US Dollar on Tuesday. The decline was stopped by the 50– hour simple moving average at 0.7900 during yesterday’s trading session.
Currently, the exchange rate is trading near the upper line of an ascending channel pattern and could be set for a breakout.
If the breakout occurs, a surge towards the 0.8000 level during the following trading session.
However, if the channel pattern holds, sellers are likely to pressure the currency exchange rate towards the weekly pivot point at 0.7822 could be expected today.
