The Australian Dollar declined by 66 points or 0.91% against the US Dollar during the first half of Friday’s trading session. However, the currency pair regained the lost positions at the end of the session.
Currently, the exchange rate is trading near the upper boundary of a descending channel pattern at 0.7274.
If the descending channel pattern holds, bearish traders are likely to target the 0.7220 level within this session.
However, if the currency exchange rate breaks the channel pattern, a surge towards the 0.7340 area could be expected today.
