The Australian Dollar has been trading sideways movement against the US Dollar since yesterday’s trading session. The monthly S1 at 0.6895 provided support for the currency pair on Monday.
If the support level as mentioned earlier holds, a surge towards a resistance cluster formed by the combination of the weekly and the monthly pivot points at 0.6961 could be expected today.
However, if the exchange rate breaks the monthly S1, a breakout through the bottom border of a descending channel pattern is likely to occur during the following trading session.
