The Australian Dollar maintained a junior ascending channel pattern against the US Dollar on Friday. The currency pair breached the 50-hour simple moving average at the end of Friday’s session.
However, the exchange rate tested the lower boundary of the junior ascending channel at 0.7229 during the first part of Monday’s trading session.
Given that the currency exchange rate has breached the channel pattern, it is likely that bears push the pair towards the 200-hour simple moving average at 0.7162 today.
Although, the AUD/USD pair could reversal from current price level at 0.72262 and maintain the junior ascending channel pattern.
