The 50– hour simple moving average pressured the AUD/USD exchange rate lower during yesterday’s trading session. As a result, the Australian Dollar declined by 46 pips or 0.62% against the US Dollar on Thursday.
All things being equal, the currency pair could continue to edge lower during the following trading session. The possible target for short sellers will be near the weekly S2 at 0.7421.
However, the lower boundary of a descending channel pattern could provide support for the currency exchange rate within this session.
