The Australian Dollar edged lower by 45 pips or 0.58% against the US Dollar on Monday. The currency pair was pressured lower by the 50– hour simple moving average during yesterday’s trading session.
Technical indicators suggest selling signals on the 4– hour time frame chart. The exchange rate will most likely continue to decline during the following trading session. A breakout through the lower boundary of a descending channel pattern could occur.
However, if the channel pattern holds, the currency exchange rate could make a brief pullback towards the weekly PP at 0.7665 today.
