The Australian Dollar declined by 55 pips or 0.72% against the US Dollar on Thursday. The decline was stopped by the 200– hour simple moving average during Thursday’s trading session.
The exchange rate could continue to edge lower during the following trading session. A breakout through the lower boundary of an ascending channel pattern is likely to occur.
However, if the channel pattern holds, buyers could pressure the currency exchange rate higher towards the 0.7820 level today.
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