The AUD/USD currency pair bounced off the lower boundary of an ascending channel pattern at 0.7490 during the first half of Wednesday’s trading session. However, the exchange rate breached the channel pattern at the end of the day.
Everything being equal, the exchange rate could continue to trend lower during the following trading session. The potential target for bearish traders will be near the 0.7450 area.
Nevertheless, the 200– hour simple moving average at 0.7479 could still provide support for the currency exchange rate within this session.
