The Australian Dollar has declined by 86 pips or 1.12% against the US Dollar since Wednesday’s trading session. The currency pair breached the weekly support level at 0.7547 during the Asian session on Thursday.
As for the near future, the exchange rate is likely to continue to edge lower in a descending channel pattern. Sellers might target the 0.7500 level within the following trading session.
However, the weekly S1 at 0.7547 could provide support for the currency exchange rate during the following trading session.
