The Australian Dollar fell by 29 pips or 0.40% against the US Dollar on Friday. The decline was stopped by the 200– hour simple moving average during Friday’s trading session.
Currently, the exchange rate is trading near the upper boundary of a descending channel pattern and could be set for a breakout.
If the breakout occurs, a surge towards the resistance level at 0.7310 could be expected within this session.
However, if the channel pattern holds, sellers may pressure the currency exchange rate lower on Monday.
