On Wednesday, the Australian Dollar declined by 45 pips or 0.61% against the US Dollar. The currency pair breached a support level formed by the 200– hour simple moving average during yesterday’s trading session.
Everything being equal, the exchange rate could continue to edge lower during the following trading session. The potential target for bearish traders would be near the 0.7280 level.
However, the lower boundary of a descending channel pattern could provide support for the currency exchange rate within this session.
