The Australian Dollar made no significant changes to its overall position against the US Dollar during the previous trading session. As the 0.7360 marks limited any attempts made by bulls traders to move the rate higher.
Bears managed to take control of the market during the Asian session on Wednesday and sent the currency pair crashing by about 50 base points. That resulted in the rate to breached both the 50-, 100-, and 200-hour SMAs and the weekly and the monthly PPs as well.
Given that the currency exchange rate has breached all significant support level, the potential target for the pair could be the lower boundary of an ascending channel.
