The Australian Dollar declined by 49 points or 0.68% against the US Dollar on Wednesday. A breakout occurred through the lower boundary of an ascending channel pattern during yesterday’s trading session.
Given that a breakout had occurred, the exchange rate is likely to continue to edge lower during the following trading session. The possible target for bears would be at the weekly S2 at 0.7045.
On the other hand, the currency exchange rate could slide a little bit higher towards the 50– hour SMA at 0.7165 within this session.
