The Australian Dollar trades around 0.6560 on Monday. The daily chart analysis shows that the AUD/USD pair has returned to the descending channel, indicating a potential weakening of the bearish bias. The 14-day Relative Strength Index (RSI) is slightly above 30 level, suggesting the currency pair may be due for a potential correction soon.
The AUD/USD pair could find immediate support at the lower boundary of the descending channel around the key level of 0.6550. A break below this level could exert pressure on the pair to navigate the region around the 0.6470 level.
On the upside, key resistance appears at the nine-day Exponential Moving Average (EMA) at 0.6610. A break above this level could lead the pair to test the upper boundary of the descending channel around the psychological level of 0.6700, with a potential aim for a six-month high of 0.6798
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