The Australian Dollar depreciated about 60 base points against the US Dollar on Thursday. The decline was stopped by the lower boundary of an ascending channel pattern at 0.7072.
Technical indicators flash sell signals on both the 4(H) and the daily chart. Therefore, it is likely that the decline of the currency exchange rate could continue during the following trading session.
The potential downside target for bearish traders within this session will be near a swing low of 0.7060
