The Australian Dollar declined by 114 basis points or 1.60% against the US Dollar on Wednesday. The currency pair maintained the descending channel pattern during yesterday’s trading session.

As for the near future, the AUD/USD exchange rate will most likely continue to edge lower in the descending channel. The potential target for bearish traders would be at the 0.6957 area.

However, the lower line of the channel pattern could provide support for the currency exchange rate in the shorter term.

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