The Australian Dollar declined by 125 pips or 1.71% against the US Dollar on Monday. A breakout occurred through the lower boundary of an ascending channel pattern during yesterday’s trading session.
Given that a breakout has occurred, bearish traders could continue to edge lower within this session. The potential target for the AUD/USD pair would be near the 0.7143 level.
However, the monthly support level at 0.7166 could provide support for the currency exchange rate in the short-term.
