The Australian Dollar depreciated about 42 base points against the US Dollar on Friday. The 50-hour simple moving average provided support for the currency pair during Friday’s trading session.
A breakout occurred through the lower boundary of an ascending channel pattern during the morning hours of Monday’s trading session.
Given that a breakout had occurred, it is likely that the AUD/USD exchange rate will continue to edge lower within this session.
The potential target for bearish traders will be near a support level formed by the 200-hour SMA at 0.7012.
