The Australian Dollar has revealed a new junior descending channel pattern against the US Dollar. The channel pattern has guided the currency pair towards a traditional monthly pivot point at 0.7154.
Technical indicators demonstrate that the AUD/USD exchange rate will depreciate today.
However, for this situation to happen, the currency exchange rate needs to surpassed the monthly S1 at 0.7145.
If the support level as mentioned above holds, bullish traders will likely try to push the price towards a resistance cluster at 0.7185 within this trading session
