HomeContributorsTechnical AnalysisAUD/USD Bearish Momentum To Continue

AUD/USD Bearish Momentum To Continue

Downside risks have been dominating the Australian Dollar against the US Dollar since yesterday’s trading session. The currency pair has declined by 75 pips or 1.14% in value during this period.

The exchange rate tested the lower boundary of a descending channel pattern during the morning hours of Friday’s trading session. From a theoretical point of view, the AUD/USD pair could edge higher today.

However, given that the currency exchange rate is currently trading near the bottom border of a descending channel pattern, a breakout could occur during the following trading session.

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