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.

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However, if the channel pattern holds, a potential upside reversal will be possible today.

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