The Australian Dollar declined by 69 pips or 0.88% against the US Dollar on Friday. The decline was stopped by the 200– hour simple moving average during Friday’s trading session.
A breakout occurred through the lower boundary of an ascending channel pattern during the Asian session on Monday.
Given that a breakout has occurred, bearish traders are likely to target the weekly S1 at 0.7652 today.
However, the weekly pivot point at 0.7721 could provide support for the currency exchange rate in the shorter term.
