The Australian Dollar declined by 80 pips or 1.02% against the US Dollar on Wednesday. The AUD/USD currency pair tested the 0.7750 area during Wednesday’s trading session.
All things being equal, the exchange rate could continue to edge lower during the following trading session. A breakout through the lower boundary of an ascending channel pattern could occur.
However, if the channel pattern holds, buyers might pressure the currency exchange rate towards the weekly R1 at 0.7909 today.