The Australian Dollar declined by 132 points or 1.70% against the US Dollar on Wednesday. The currency pair breached the 50-, 100– and 200– hour SMAs during Wednesday’s trading session.
As for the near future, the exchange rate could continue to edge lower. A breakout through the lower boundary of a descending channel pattern is likely to occur within this session.
However, if the channel pattern holds, the currency exchange rate could make a pullback towards the 0.7680 area during the following trading session.
