The Australian Dollar declined by 78 pips or 1.20% against the US Dollar on Wednesday. The currency pair tested the lower boundary of a descending channel pattern at 0.6419 during the Asian session on Thursday.
Given that the currency exchange rate is currently trading near the bottom border of the descending channel pattern, a breakout could occur during the following trading session.
However, if the descending channel holds, a surge towards the 50– hour simple moving average at 0.6474 could be expected today.
