The Australian Dollar has continued to trade in a descending channel against the US Dollar. The currency pair tested the lower boundary of the channel pattern at 0.7020 during the Asian session on Friday.
Everything being equal, it is likely that the downside sentiment will continue during the following trading session. The potential target for the exchange rate will be near the monthly S2 at 0.6980.
However, the currency exchange rate could reverse from current price level and aim at a resistance cluster formed by the 50– and 100-hour SMAs near the 0.7079 regions within this session.
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