The Australian Dollar depreciated by 61 basis points against the US Dollar on Thursday. The currency pair tested the lower boundary of the channel pattern at 0.6773 during the period session.
Given that the 50-, 100– and 200– hour simple moving averages are above the current price level, the AUD/USD exchange rate will most likely continue to decline during the following trading session. Bearish traders might target the support cluster near the 0.6740 marks.
However, the bottom border of the descending channel pattern might provide support for the currency exchange rate today.
