The Australian Dollar was pressured south against the US Dollar on Friday by the 50-hour simple moving average, which was providing resistance for the currency pair at 0.7244.
The exchange was consolidating near the upper boundary of a descending channel pattern at 0.7218 during the first part of Monday’s trading session.
Technical indicators suggest that the decline of the currency exchange rate is likely to continue today.
If this decline continues, the potential downside target for bearish traders will be near a support level formed by the monthly S1 at 0.7143.
