The Australian Dollar declined by 56 pips or 0.85% against the US Dollar on Friday. The currency pair tested the lower boundary of an ascending channel pattern at 0.6515 during Friday’s trading session.

A breakout occurred through the lower boundary of the ascending channel pattern on Monday morning.

Given that a breakout had occurred, the AUD/USD exchange rate could continue to edge today. The potential target would be at the 0.6505.

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However, the weekly pivot point at 0.6519 could provide support for the currency exchange rate within this session.


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