On Friday, the Australian Dollar declined by 71 pips or 0.97% against the US Dollar. The currency pair breached the 50– and 200– hour SMAs during Friday’s trading session.
Currently, the exchange rate is trading near the upper boundary of a descending channel pattern and could be set for a breakout.
If the breakout occurs, a surge towards the resistance level at 0.7340 within Monday’s trading session.
However, if the channel pattern holds, bearish traders could drive the currency exchange rate lower today.
