The Australian Dollar has depreciated about 70 base points against the US Dollar since Monday’s session. The currency pair breached the lower boundary of a one-week descending channel at 0.7183 during the first part of today’s session.
Given that the AUD/USD currency pair has broken the one-week descending channel, the exchange rate will continue its bearish sentiment within this session and aim at a support level formed by the monthly S2 at 0.7136.
From a technical point of view, the currency exchange rate could reverse from that support level and aim for the resistance level formed by the upper boundary of a descending channel pattern at 0.7183.
