The Australian Dollar traded sideways movement against the US Dollar on Monday. The currency pair was trading along the 50– hour simple moving average during yesterday’s trading session.
Technical indicators flash sell signals today. Therefore, the AUD/USD exchange rate will most likely continue its movement in the descending channel pattern within this session.
However, given that the currency exchange rate has breached the 50– hour SMA at 0.6775, bulls might drive the price towards the northern border of the channel pattern at 0.6820 during the following trading hours.
