Bearish sentiment dominated the Australian Dollar against the US Dollar on Monday. As a result, the currency pair breached the lower boundary of a medium-term ascending channel at 0.7082.

The 50-hour simple moving average was providing resistance for the exchange rate during the first half of today’s trading session.

If the currency exchange rate passes the 50-hour SMA, the next upside target will be at near the weekly pivot point at 0.7139.

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Although, if the resistance level as mentioned above holds, bearish traders could push the AUD/USD exchange rate towards the 0.7000 mark.

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