The Australian Dollar has declined by 43 basis points or 0.61% against the US Dollar since Friday’s trading session. The AUD/USD currency pair breached the lower boundary of an ascending channel pattern at 0.7118 during the Asian session on Monday.
Given that a breakout has occurred, bearish traders are likely to continue to pressure the exchange rate lower within this session. The potential target for bears would be at the 0.7080 level.
However, a support cluster near the 0.7096 area could provide support for the currency exchange rate in the shorter term.
