The Australian Dollar declined by 42 pips or 0.57% against the US Dollar on Wednesday. The currency pair breached the lower boundary of an ascending channel pattern during the Asian session on Thursday.
All things being equal, the AUD/USD exchange rate could continue to edge lower during the following trading session. The potential target for bears would be near the 0.7260 level.
However, technical indicators suggest that the currency exchange rate is likely to edge higher within Thursday’s trading session.
