The Australian Dollar continued its movement in a junior descending channel pattern against the US Dollar on Monday. The currency pair declined by 0.44% in value during the previous trading session.
Given that the exchange rate has breached both the 50-, 100– and 200-hour SMAs, a breakout through the lower boundary of the descending channel pattern could occur within this session.
If the breakout occurs, a decline towards a support level formed by the weekly S1 at 0.7000 could be expected today.
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