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