The Australian Dollar depreciated about 71 base points against the US Dollar on Thursday. The 50– hour simple moving average pressured the currency pair south during the following trading session.
The exchange rate is currently trading near the bottom border of a descending channel pattern at 0.6804.
Given that the pair is trading near the bottom border of the descending channel, a breakout is likely to occur within this session.
However, if the descending channel pattern holds, a surge towards a resistance level formed by the 50-hour SMA at 0.6847 today.
