The Australian Dollar has continued to trade in a one-week descending channel pattern against the US Dollar. The currency pair tested the upper boundary of the channel pattern during the Asian session on Wednesday.
As for the near future, it is likely that the downside movement will continue within this session. The possible target for the exchange rate will be at a psychological support level of 0.70.
However, given that the currency exchange rate has breached the upper boundary of the descending channel pattern, the pair could aim for the 100-hour simple moving average at 0.7084 today.
