The Australian Dollar declined by 49 points or 0.75% against the US Dollar on Friday. The currency pair breached the 50– hour simple moving average on Monday morning.
The exchange rate could continue to edge lower in the descending channel pattern during the following trading session. Bearish traders are likely to target the 0.6500 level.
However, the 50– hour simple moving average at 0.6545 could provide support for the currency exchange rate in the shorter term.
