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.
