The 100– hour simple moving average provided resistance for the AUD/USD currency pair on Monday. As a result, the Austrian Dollar declined by 45 points or 0.62% against the US Dollar during Monday’s trading session.
As for the near future, the exchange rate could continue to decline in the descending channel pattern. Bearish traders are likely to target the 0.7130 level within this session.
However, if the 50– hour SMA support line at 0.7172 holds, a breakout through the upper boundary of the channel pattern could occur during the following trading session.
