The Australian Dollar declined by 151 pips or 2.30% in value against the US Dollar on Friday. However, the currency pair regained some of it lost points at the end of Friday’s trading session.
The exchange rate breached the weekly pivot point at 0.6520 and the 50– hour simple moving average at 0.6538 on Monday morning. Most likely, bullish traders could target the 0.6607 area today.
Althoguh, technical indicators suggest that the AUD/USD currency exchange rate will continue to edge lower in the descending channel pattern within the following trading session.
