Following a minor decline late on Wednesday, the Australian Dollar failed to breach the support of the 100-hour SMA near 0.7820. As a result, AUD/USD was squeezed between the 55-hour SMA and the weekly R1 during the following morning.
By and large, the Aussie is showing reluctance to test the upper boundary of both the ascending channel and wedge. This situation shows that both patterns are likely to be breached during the following two sessions. The 100-hour SMA could restrict a sudden fall. Thus, the rate could continue its period of consolidation.
Australia is set to release its Trade Balance at 0030GMT early on Friday. Sluggish data could push the rate towards the weekly PP located circa 0.7780.
By and large, the Aussie is showing reluctance to test the upper boundary of both the ascending channel and wedge. This situation shows that both patterns are likely to be breached during the following two sessions. The 100-hour SMA could restrict a sudden fall. Thus, the rate could continue its period of consolidation.
Australia is set to release its Trade Balance at 0030GMT early on Friday. Sluggish data could push the rate towards the weekly PP located circa 0.7780.