The AUD/USD currency pair has depreciated about 0.71% in value since yesterday’s trading session. The pair is currently testing a support level formed by the weekly S1 at 0.6944.
If this support level holds, the Australian Dollar could make an upside reversal against the US Dollar during the following trading session.
However, if the currency exchange rate breaks the weekly S1, bearish traders could drive the pair further south today.
Technical indicators demonstrate that bears might continue their dominance in the market within this session.
