On Thursday, the Australian Dollar sank by 81 pips or 1.08% against the US Dollar. The currency pair breached the 50– hour simple moving average at 0.7493 during yesterday's trading session.
All things being equal, the exchange rate could continue to edge lower during the following trading session. The potential target for the AUD/USD pair will be near the lower line of an ascending channel pattern at 0.7380.
However, the currency exchange rate may find support at 0.7423 within Friday's trading session.
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