The Australian Dollar declined by 40 basis points or 0.58% in value against the US Dollar on Friday. The decline continues during the morning hours of Monday trading session.
The currency pair is currently testing the lower boundary of a descending channel pattern at 0.6786.
If the descending channel pattern holds, the exchange rate could make an upside movement within this session.
However, if the currency exchange rate breaches the channel pattern, the next target for bearish traders would be at the weekly S2 at 0.6770.
