The Australian Dollar has declined by more than 100 pips or 1.65% against the US Dollar since yesterday’s trading session. A breakout occurred through the lower boundary of an ascending channel pattern on Monday.
Given that a breakout had occurred, the AUD/USD exchange rate could continue to edge lower. The possible target for the pair would be near the weekly S1 at 0.6262 within this session.
On the contrary, the currency exchange rate could make a U-turn from the current price level at 0.6308 and aim for the weekly pivot point at 0.6356 within the following trading session.
