The Australian Dollar has depreciated about 143 base points against the US Dollar during the last 24hrs. The currency pair broke a medium-term ascending channel pattern during the Asian session on Wednesday.
Given that a breakout had occurred, most likely, the exchange rate will continue its decline within this session.
The potential downside target will be near a support level formed by the weekly S2 at 0.7072.
However, the monthly pivot point at 0.7107 could hinder bears from pushing the currency exchange rate down.
