AUD/USD Analysis: Decline Likely To Continue

Technical analysis of Forex market

The Australian Dollar declined by 79 basis points or 1.10% against the US Dollar on Thursday. The currency pair tested the lower line of a descending channel pattern at 0.7060 during Thursday’s trading session.

All things being equal, the exchange rate could continue to edge lower during the following trading session. The potential target for bearish traders would be at the 0.7000 area.

However, the weekly support level at 0.7045 could provide support for the currency exchange rate during Friday’s trading session.

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