The Australian Dollar declined by 40 pips or 0.52% against the US Dollar on Wednesday. The decline was stopped by a support line at 0.7714 during yesterday’s trading session.
As for the near future, the exchange rate is likely to continue to edge higher. A breakout through the upper line of an ascending channel pattern could occur within this session.
However, if the channel pattern holds, the currency exchange rate would make a pullback towards the 0.7700 level during the following trading session
