The Australian Dollar has continued its decline in a descending channel pattern against the US Dollar. The currency pair has dropped about 0.83% in value since yesterday’s trading session.
Technical indicators flash sell signals both on the smaller and the larger time-frame charts. Most likely, the exchange rate will maintain its channel pattern within this session.
However, the currency exchange rate might reverse from the current price level at 0.6908 and aim for a resistance level formed by the 50-hour simple moving average at 0.6945 during the following trading session
