The Australian Dollar depreciated about 63 base points against the US Dollar on Monday. The currency pair tested a support cluster formed by the combination of the weekly and the monthly pivot points at 0.7152 as predicted.
Technical indicators flash strong sell signals on the weekly time-frame chart. However, it is likely that bullish traders push the currency exchange rate towards a swing high of 0.7200 within this session.
If the support cluster as mentioned earlier continues to hold today, a breakout through the upper boundary of an ascending channel pattern is likely to occur in the nearest future.
