The Australian Dollar has declined by 64 pips or 0.89% against the US Dollar on Friday. The currency pair was pressured lower by the 50– hour simple moving average during Friday’s trading session.
Currently, the exchange rate is testing the upper boundary of a descending channel pattern at 0.7173.
If the descending channel pattern holds, bearish traders could continue to pressure the price lower during the following trading session.
However, if the currency exchange rate breaks the channel pattern, a surge towards the 0.7220 could be expected in the shorter term.
