The Australian Dollar is currently trading in a narrow descending channel pattern against the US Dollar. The currency pair declined by 87 basis points during yesterday’s trading session.
Everything being equal, the AUD/USD exchange rate will most likely remain trading in the narrow descending channel pattern within this session. The pair might aim for the upper line of the channel pattern.
However, technical indicators suggest that bearish traders would continue to drive the currency exchange rate lower during the following trading session.
