The Australian Dollar declined by 63 pips or 0.81% against the US Dollar on Monday. The currency pair tested the lower boundary of an ascending channel pattern at 0.7726 during yesterday’s trading session.
The exchange rate is currently trading near the lower line of the channel pattern and could be set for a breakout.
If the breakout occurs, a decline towards the weekly support level at 0.7652 could be expected today.
However, if the ascending channel pattern holds, buyers are likely to pressure the currency exchange rate higher during the following trading session.