As apparent on the chart, the Australian Dollar continues to trade in line with the junior channel down. After bouncing off its lower boundary circa 0.7540 mid-Friday, the pair entered a slight consolidation period along the monthly S1.

During the last trading sessions, the 55-hour SMA has managed to restrict the pair from edging higher. It is expected that this moving average might guide the Aussie during the following 24 hours. That would mean a short-term continuation of the current momentum sideways towards the upper boundary of the junior channel.

Subsequently, the pair is likely to be driven by downside risks towards the weekly S1 located at 0.7505.

It should be noted that the Reserve Bank of Australia is to publish its meeting minutes at 0030GMT. The RBA is expected to hold its interest rates steady.