A narrow descending channel pattern has continued to guide the Australian Dollar lower against the US Dollar. The currency pair tested the lower boundary of the channel pattern at 0.6860 during Friday’s trading session.
Everything being equal, it is likely that the AUD/USD exchange rate will aim for a resistance cluster formed by the 50-hour simple moving average and the upper border of the narrow descending channel pattern at 0.6896 within this session.
If the resistance cluster holds, a decline towards the monthly pivot point at 0.6852 could occur during the following trading session.
