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.

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The potential target for bearish traders will be near a support level formed by the 200-hour SMA at 0.7012.

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