The Australian Dollar has surged by 218 pips or 3.37% in value against the US Dollar on Monday. The exchange rate tested the upper boundary of a descending channel pattern at 0.6677.
After the currency pair tested the upper border of the descending channel pattern, the AUD/USD pair made a U-turn down. The pair breached the 50-, 100– and 200– hour SMAs.
Most likely, the currency exchange rate could continue edging lower within this session.
However, the weekly support level at 0.6515 could provide support for the pair today.
