The Australian Dollar declined by 58 pips or 0.79% against the US Dollar on Wednesday. The currency pair tested the lower border of an ascending channel pattern at 0.7260 during the Asian session on Thursday.
If the exchange rate breaks the ascending channel, bears are likely to pressure the AUD/USD pair towards the weekly support level at 0.7207 during the following trading session.
However, if the channel pattern holds, the currency exchange rate will most likely continue to edge up in the nearest future.
