The Australian Dollar has declined by 195 pips or 2.44% against the US Dollar since yesterday’s trading session. The currency pair tested the lower boundary of an ascending channel pattern during the Asian session on Friday.
Everything being equal, the exchange rate could continue to edge lower during the following trading session. A breakout through the lower boundary of an ascending channel pattern could occur.
However, if the channel pattern holds, bullish traders could pressure the currency exchange rate higher towards the 50– hour simple moving average at 0.7020 within this session.
