The Australian Dollar depreciated about 44 base points against the US Dollar on Thursday. The exchange rate tested the bottom border of an uptrend channel at 0.7040 during Thursday’s trading session.
The currency pair has since bounced off the lower boundary of the uptrend channel pattern and currently aiming for a psychological resistance level at 0.7100.
Most likely, the currency exchange rate might target the weekly pivot point at 0.7105 within this session.
However, technical indicators suggest we should expect a decline in price during the following trading hours.