The Australian Dollar remained in a junior descending channel pattern against the US Dollar on Monday. The exchange rate depreciated about 0.42% during Monday’s trading session.
As for the near future, it is likely that the junior descending channel will guide the AUD/USD currency pair towards a support level formed by the weekly S1 at 0.7035 within this session.
If the weekly support level holds, the currency exchange rate will make an upside reversal during the following trading session.
