The Australian Dollar has declined by 81 basis points or 1.09% against the US Dollar since yesterday’s trading session. The currency pair breached the lower boundary of an ascending channel pattern on Wednesday.
The exchange rate is gradually approaching a support cluster formed by the weekly and the monthly PPs at 0.7290.
If the support cluster holds, bulls could push the currency exchange rate higher within this session. However, if the AUD/USD pair breaks the support level, a decline towards the 0.7250 area could be expected today.
