The Australian Dollar has been trading in a junior descending pattern against the US Dollar. The upper boundary of this channel was reached during the middle of Wednesday trading session.
Given that the currency pair has moved closer to the upper border of the junior channel, a breakout is likely to occur during this session. Furthermore, when looking at the SMAs setting, the AUD/USD exchange rate could be set for long-term decline.
Technical indicators suggest that the movement for the currency exchange rate could continue heading south until it finds support set by the monthly pivot point at 0.7491.
Given that the currency pair has moved closer to the upper border of the junior channel, a breakout is likely to occur during this session. Furthermore, when looking at the SMAs setting, the AUD/USD exchange rate could be set for long-term decline.
Technical indicators suggest that the movement for the currency exchange rate could continue heading south until it finds support set by the monthly pivot point at 0.7491.