The Australian Dollar has continued its downward movement against the US Dollar. The AUD/USD currency pair depreciated about 46 basis points during Thursday’s trading session.
Technical indicators suggest bearish signals on both the smaller and larger time frame charts. Therefore, the exchange rate will most likely edge lower within this trading session.
However, if the currency exchange rate passes a resistance level formed by the 50– hour simple moving average at 0.6809, a surge towards the upper boundary of a descending channel pattern at 0.6842 could be expected today.