On Friday, the Australian Dollar declined by 55 pips or 0.75% against the US Dollar. The currency pair was pressured lower by the 50– hour simple moving average during Friday’s trading session.
Currently, the exchange rate is trading near the lower boundary of a descending channel pattern and could be set for a breakout.
If the breakout occurs, a decline towards the 0.7180 level could be expected within this session.
However, if the channel pattern holds, buyers could pressure the currency exchange rate higher today.
