The price movement of the Australian Dollar against the US Dollar was guided by bearish sentiment on Wednesday. The currency pair depreciated about 40 base points during yesterday’s trading session.
The exchange rate was trading near the bottom border of a junior descending channel pattern at 0.6979 during the first part of Thursday’s session.
Everything being equal, it is likely that the AUD/USD currency pair will aim for a resistance line set by the 100-hour SMA at 0.7008 within this session.
However, technical indicators demonstrate that the currency exchange rate might fall during the following trading session.
