A junior descending channel has been guiding the Australian Dollar against the US Dollar since February 27. The currency pair tested the lower boundary of a dominant ascending channel pattern at 0.7077 during Friday’s trading session.
The 50-hour simple moving average is closely guiding the Aussie lower towards the lower bottom border of the junior descending channel pattern at 0.7035. Moreover, technical indicators flash sell signals on both the 4(H) and daily time frame chart.
Although, the currency exchange rate could reverse from the current price level at 0.7077 and aims at a resistance level formed by the weekly pivot point at 0.7117 within this session.
