The Australian Dollar depreciated about 46 basis points against the US Dollar on Friday. The currency pair was pressured south by the 50– hour simple moving average during the previous trading session.
The exchange rate is currently trading near the lower boundary of a descending channel pattern at 0.6765 and could be set for a breakout.
If the breakout occurs, a decline towards the weekly S1 at 0.6720 could occur within this session.
However, if the descending channel holds, bullish traders might drive the price towards the weekly pivot point at 0.6804 during the following trading session.
