The Australian Dollar declined by 40 basis points against the US Dollar on Friday. The currency pair breached the 50-, 100– and 200– hour SMAs during Friday’s trading session.
Everything being equal, the AUD/USD currency pair will likely continue to decline in a descending channel pattern. The exchange rate might aim for the weekly S1 at 0.6849 during the following trading session.
On the other hand, the currency exchange rate could reverse from the current price level at 0.6880 and make some upside movement within this session.
