The Australian Dollar depreciated about 143 base points against the US Dollar on Wednesday. The currency pair breached all major support levels during yesterday’s trading session.
Currently, the exchange rate is located near the bottom border of a descending channel pattern at 0.7096 and could be set for a breakout.
If the currency exchange rate passes the lower boundary of the channel pattern, the next level for the pair will be near the weekly S3 at 0.7005.
However, if the junior descending channel holds, the pair could aim for a re-test of the resistance level at 0.7162 is a possibility.
