The Australian Dollar declined by 54 points or 0.76% against the US Dollar on Friday. The currency pair was pressured lower by the 50– hour SMA during Friday’s trading session.
All things being equal, the AUD/USD exchange rate could continue to edge lower during the following trading session. The potential target for bearish traders would be near the 0.6950 level.
However, given that the currency exchange rate is currently trading near the upper line of a descending channel pattern, a breakout could occur within the following session.
