The Australian Dollar declined on Wednesday against the US Dollar until it reached the bottom border of a dominant ascending channel at 0.7260. Meanwhile, the currency pair passed the support level during the Asian session on Thursday.
Regarding the near future, traders need to watch whether the weekly S1 at 0.7228 is broken or not. If the exchange rate passes the support level, it will aim at a cluster set by the combination of the weekly and the monthly PPs near the 0.7144 area.
On the other hand, if the support level holds, the currency exchange rate will target a resistance line formed by the 200-hour simple moving average at 0.7294 during the following trading session.
