The Australian Dollar appreciated about 47 base points against the US Dollar on Monday. The exchange rate tested the upper boundary of a one-week ascending channel at 0.7149 during the end of the previous session.
However, after hitting the upper border of the channel, the currency pair made a U-turn south.
By and large, it is likely that the currency exchange rate will continue its downside movement and potentially target the 200-hour simple moving average at 0.7093 within this session.
Although, a support cluster formed by the weekly and the monthly PPs near 0.7105 could hinder the pair from reaching the target today
