During the first past of Monday’s trading session, the Australian Dollar declined by 62 basis points or 0.84% against the US Dollar. However, the currency pair recovered the lost points at the end of the session.
All things being equal, the exchange rate is likely to edge up in an ascending channel pattern during the following trading hours. The possible target for bulls would be near the 0.7460 level.
Though, bullish traders would encounter a resistance line at the 0.7448 area within the following trading session.
