The AUD/USD exchange rate is currently trading in a narrow descending channel pattern. The Aussie appreciated by about 26 basis points against the Greenback during Friday’s trading session.
Given that the 50-, 100– and 200– hour simple moving averages are above the price level, it is likely that the currency exchange rate will continue to trade south until it reaches a support level, formed by the weekly S1 at 0.6791.
If the weekly S1 holds, a brief retracement towards the 0.6815 area could be expected within the following trading session.
