The Australian Dollar has continued to trade in a descending channel pattern against the US Dollar. The currency pair depreciated about 52 base points during yesterday’s trading session.
The exchange rate was trading near the bottom border of a descending channel pattern at 0.6919 and could be set for a breakout.
If this breakout occurs, a decline towards the 0.6886 area might be expected during the following trading session.
However, if the channel pattern holds, a potential upside reversal will be possible today.