Essentially it was discovered that the currency exchange rate remains in a dominant ascending pattern, which can be best drawn on the daily candle chart. Meanwhile, there is another pattern on the pair.
The still not fully confirmed descending junior pattern was spotted on Wednesday. However, it is not likely going to continue to guide the currency exchange rate further. The reason for that is that in accordance with the larger pattern, the junior needs to be broken in the near future.
The Australian Dollar was set to decline down to the support formed by the lower boundary of a junior descending pattern near the 0.7347 level. The decline of the currency exchange rate was caused due to the three SMAs are now located above the price action.
By and large, it is expected for the price to decline further south during the following trading session until the junior descending channel is broken.