The Australian Dollar has declined by 45 pips or 0.58% against the US Dollar since Friday’s trading session. The currency pair tested the lower boundary of an ascending channel pattern at 0.7707 on Monday morning.
The exchange rate bounced off the lower line of the channel pattern during the Asian session on Monday. The AUD/USD pair could edge higher during the following trading hours.
However, a resistance line near the 0.7760 area could still provide resistance for the currency exchange rate within this session.