Since Tuesday’s trading session, the Australian Dollar has declined by 69 pips or 0.88% against the US Dollar. The currency pair tested the lower boundary of an ascending channel pattern at 0.7786 during the Asian session on Wednesday.
If the channel pattern holds, buyers are likely to pressure the exchange rate higher within this session. The potential target for bullish traders could be near the weekly resistance level at 0.7910.
However, if the currency exchange rate breaks the ascending channel pattern, a decline towards the weekly S1 at 0.7723 could be expected today.
