The Australian Dollar has been moving in a one-week descending channel pattern against the US Dollar. The currency pair tested the upper boundary of the descending channel several times on Friday.
The 50-hour simple moving average was providing resistance for the exchange rate at 0.7177 during the first half of Monday’s trading session.
In case bears continue to dominate the currency exchange rate within this session, a potential decline towards a support level formed by the weekly S3 at 0.7131 could be expected today
