During Friday’s trading session, the Australian Dollar depreciated about 0.32% in value against the US Dollar. The 50– hour simple moving average pressured the currency pair south on Friday.
The exchange rate is currently trading near the upper boundary of a descending channel pattern at 0.6796.
Given that the pair is near the border of the channel pattern, a breakout could occur within this session.
However, if the descending channel pattern holds, a brief downward movement could follow in the shorter term.
