The Australian Dollar edged lower by 101 pips or 1.30% against the US Dollar on Thursday. The currency pair was pressured lower by the 50– hour simple moving average during yesterday’s trading session.
The exchange rate is likely to continue to decline in a descending channel pattern during the following trading session. The potential target for the AUD/USD pair will be near the weekly R1 at 0.7594.
However, the US non-farm payroll scheduled at 12:30 GMT could play an important part in the overall movement of the currency exchange rate today.
