The AUD/USD currency pair reversed from a resistance cluster formed by the weekly pivot point and the 50– hour SMA at 0.7713 on Monday. As a result, the Aussie fell by 70 pips or 0.91% against the Greenback during Monday’s trading session.
All things being equal, the exchange rate could continue to edge lower in a descending channel pattern. Sellers are likely to target the weekly support level at 0.7589 within this session.
A possible upside reversal could occur from the weekly S1 at 0.7589 during the following trading session.
