During Tuesday’s trading session, the Australian Dollar declined by 57 pips or 0.78% against the US Dollar. The currency pair was pressured lower by the 50– hour simple moving average on Tuesday.
Everything being equal, the AUD/USD exchange rate could continue to edge lower in a descending channel pattern during the following trading session. The potential target for sellers will be near the 0.7180 area.
However, bearish traders could encounter support at 0.7227 within Wednesday’s trading session.
