The Australian Dollar fell by 52 basis points or 0.71% against the US Dollar on Wednesday. The currency pair breached the lower boundary of an ascending channel pattern during the Asian session on Thursday.
Given that a breakout has occurred, the exchange rate could continue to decline during the following trading session. The potential target for bears would be near the 200– hour simple moving average at 0.7209.
However, the weekly support level at 0.7236 could provide support for the AUD/USD currency exchange rate within this session.
