The Australian Dollar depreciated about 56 base points against the US Dollar on Monday. The currency pair tested the lower boundary of an ascending channel pattern at 0.7200 during Monday’s trading session.
However, today’s session began with bullish sentiment, and by the middle of the European trading session, the AUD/USD exchange rate had gained over 0.94% of its values.
Technical indicators suggest that the currency exchange rate will continue its bullish momentum within this session.
Although, it is expected that the pair makes a brief decline towards the weekly pivot point at 0.7229 today.
