The 50– hour simple moving average guided the Australian Dollar lower against the US Dollar on Thursday. The currency pair declined by 50 pips or 0.74% in value during yesterday’s trading session.
The exchange rate is currently trading near the lower boundary of a descending channel pattern and could be set for a breakout.
If this breakout occurs, a decline towards the 0.6650 could be expected within this session.
However, if the descending channel holds, the currency exchange rate could make a slight upward movement during the following trading session.
