A narrow descending channel pattern is currently pushing the Australian Dollar lower against the US Dollar. The currency pair has declined by 95 pips or 1.45% in value since yesterday’s trading session.
The exchange rate will most likely maintain the narrow descending channel pattern within this session. The potential target for the AUD/USD pair will be at the 0.6400 area.
However, given that the currency exchange rate is trading near the upper boundary of the descending channel, a breakout might occur during the following trading session.
