The Australian Dollar depreciated about 35 base points against the US Dollar on Tuesday. The decline could be considered to be a brief retracement from the upper boundary of an ascending channel pattern.
The exchange rate is currently testing a support level formed by the bottom border of the channel pattern and the 100-hour simple moving average near 0.7010.
If this support line holds, the currency exchange rate will continue its upside movement today.
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However, if the AUD/USD pair breaks the ascending channel pattern, bearish traders could aim for the 0.6961 are within this session.
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