The Australian Dollar has depreciated about 0.75% in value against the US Dollar since Friday’s trading session. The currency pair tested the lower boundary of a descending channel pattern at 0.6840 on Friday.
Currently, the exchange rate is trading near the bottom border of the channel pattern and could be set for a breakout.
If the breakout occurs, a decline towards a support cluster formed by the combination of the monthly pivot point and the weekly S1 at 0.6826 could occur.
However, if the channel pattern holds, a brief upside reversal could be expected in the shorter term.
