The Australian Dollar declined by 64 pips or 1.00% against the US Dollar on Friday. The currency pair was pressured lower by the 100– and 200– hour SMAs during Friday’s trading session.
Technical indicators suggest selling signals on the 4-hour time-frame chart. Therefore, the exchange rate would continue to decline in the descending channel pattern within this session.
However, given that the currency exchange rate is currently trading near the upper boundary of the channel pattern, a breakout could occur during the following trading session.
