The Australian Dollar has maintained its gradual move upwards against the US Dollar. However, a new junior channel down has been spotted, as can be observed on the chart.
Following a breakout from the SMAs, the rate could be heading for a test of the upper boundary of the newly formed downtrend pattern.
Regarding the future, the Aussie is likely to rally against the Greenback until it finds the next resistance at 0.78863. However, traders have to be cautious of the aforementioned upper border.
Following a breakout from the SMAs, the rate could be heading for a test of the upper boundary of the newly formed downtrend pattern.
Regarding the future, the Aussie is likely to rally against the Greenback until it finds the next resistance at 0.78863. However, traders have to be cautious of the aforementioned upper border.