The Australian Dollar has continued to edge lower against the US Dollar since Friday’s trading session. The currency pair declined by 181 basis points or 2.87% in value on Friday.
The exchange rate is presently trading near the bottom border of the descending channel pattern and could be set for a breakout.
If this breakout occurs, a decline towards the weekly S3 at 0.6027 could be expected within this session.
However, if the channel pattern holds, the currency exchange rate could make a brief pullback towards the weekly pivot point at 0.6330 today.
