The Australian Dollar declined by 63 pips or 0.83% against the US Dollar on Friday. The currency pair tested the lower boundary of an ascending channel pattern during Friday’s trading session.
Currently, the exchange rate is trading near the bottom border of the channel pattern and could be set for a breakout.
If the breakout occurs, a decline towards the 0.7560 area could be expected within this session.
However, if the ascending channel holds, bullish traders might target the weekly R1 at 0.7666 during the following trading sessions.
