Australia’s currency declined by 93 basis points or 1.30% against the US Dollar on Tuesday. The currency pair tested the lower boundary of an ascending channel pattern at 0.7100 during yesterday’s trading session.
The exchange rate rebounded from the lower line of the channel pattern on Wednesday morning. Most likely, bullish traders could target the 50- and 100– hour SMAs near the 0.7165 level within this session.
However, technical indicators suggest that the currency exchange rate could continue to edge lower during the following trading session.