The Australian Dollar maintained the narrow descending channel pattern against the US Dollar on Thursday. The currency pair declined by 238 basis points or 3.68% in value during yesterday’s trading session.
All things being equal, the AUD/USD exchange rate will most likely continue to edge lower. A potential breakout through the bottom border of the narrow descending channel pattern could occur within the following trading session.
Furthermore, technical indicators demonstrate that the currency exchange rate will continue to trade bearish in the nearest future.
