Upside risks dominated the Australian Dollar against the US Dollar on Thursday. The exchange rate breached the upper boundary of a descending channel pattern at 0.7017.

The currency pair is currently pressured from both sides by SMA. The 50-hour simple moving average is providing support for the pair at 0.6986, while the 200-hour SMA is providing resistance at 0.7035.

Everything being equal, it is likely that the currency exchange rate continues moving north within this session. The potential target for bullish traders will be near the weekly PP at 0.7154.

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