On Friday, the Australian Dollar declined by 71 pips or 0.97% against the US Dollar. The currency pair breached the 50– and 200– hour SMAs during Friday's trading session.
Currently, the exchange rate is trading near the upper boundary of a descending channel pattern and could be set for a breakout.
If the breakout occurs, a surge towards the resistance level at 0.7340 within Monday's trading session.
However, if the channel pattern holds, bearish traders could drive the currency exchange rate lower today.
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.