On Wednesday, the Australian Dollar declined by 32 pips or 0.42% against the US Dollar. The currency pair breached the weekly support level at 0.7505 during Wednesday’s trading session.
Currently, the exchange rate is trading near the lower boundary of a descending channel pattern at 0.7485.
If the channel pattern holds, bullish traders might pressure the AUD/USD pair higher within this session.
However, if the currency exchange rate breaks the descending channel pattern, a decline towards the 0.7440 area could be expected today.
