The Australian Dollar depreciated about 55 base points against the US Dollar on Thursday. The currency pair breached the lower boundary of a descending channel pattern at 0.7072 during yesterday’s trading session.
Most likely, the exchange rate could aim for a resistance cluster formed by the monthly pivot point and the 50-hour simple moving average at the 0.7106 area within this session.
If the currency exchange rate passes the resistance cluster as mentioned above, the next target for bullish trader will be at 0.7162.
Meanwhile, technical indicators demonstrate that a decline in price is still apparent.
