The Australian Dollar declined by 48 basis points or 0.70% in value against the US Dollar on Thursday. The currency pair breached the 50– and 100– hour SMAs during yesterday’s trading session.
The exchange rate is currently trading near a resistance cluster formed by the 50– hour simple moving average and the weekly S1 at 0.6849.
If the resistance cluster holds, the AUD/USD pair will most likely continue to decline in the descending channel pattern within this session.
Although, if the currency exchange rate breaks the resistance line, a surge towards the upper border of the channel pattern could be expected today.
