During the last 24 hours, the Australian Dollar has depreciated about 62 base points against the US Dollar. Bears have regained their lost positions during the morning hours of today’s trading session.
As for the near future, it is likely that the currency exchange rate will continue its downward movement. The potential downside target will be near a support level at 0.6820.
However, a support line formed by the monthly S2 at 0.6864 could hinder bears from driving the AUD/USD further south.