The Australian Dollar has been trading in a one-week descending channel against the US Dollar.
The currency pair breached the lower boundary of an ascending channel and the weekly PP at 0.7210 during the first half of Monday’s trading session.
If the AUD/USD exchange rate passes this support level, the next target for bearish traders will be the bottom border of the one-week descending channel pattern at 0.7173.
On the other hand, if the support line holds, the currency exchange rate could pullback towards the 100-hour simple moving average within this session.
