AUD/USD Breakout Could Occur

The Australian Dollar fell by 84 basis points or 1.08% against the US Dollar on Friday. The currency pair breached the 50-, 100– and 200– hour SMAs during Friday’s trading session.

Everything being equal, the AUD/USD exchange rate could continue to decline during the following trading session.

Given that the pair is currently trading near the lower line of an ascending channel pattern, a breakout could occur today.

However, if the channel pattern holds, bullish traders could pressure the currency exchange rate higher during the following trading session.

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