The Australian Dollar declined by 44 points or 0.61% against the US Dollar on Thursday. The currency pair tested the lower boundary of an ascending channel pattern at 0.7133 during Thursday’s trading session.
The AUD/USD exchange rate is likely to maintain the junior descending channel pattern during the following trading session. Bearish traders could target the 0.7120 level today.
On the other hand, given that the currency exchange rate is currently trading near the upper line of the junior descending channel, a breakout could occur within this session.