Australia’s Dollar fell by 52 pips or 0.71% against the US Dollar during yesterday’s trading session. The currency pair breached the monthly support level at 0.7236 on Thursday.
All things being equal, the exchange rate is likely to continue to decline during the following trading session. A breakout through the lower boundary of a descending channel pattern could occur.
However, if the descending channel pattern holds, the currency exchange rate could make a brief retracement towards the 0.7260 within this session.
