During yesterday’s trading session, the Australian Dollar depreciated about 51 base points against the US Dollar. The currency pair dashed through the weekly S1 at 0.7000.
Currently, the exchange rate is trading near the bottom border of a descending channel pattern at 0.6979 and could be set for a breakout.
f this breakout occurs, a decline towards the weekly and the monthly support levels at 0.6961 could be expected.
If the junior descending channel holds, a brief retracement is likely to occur during the following trading session.
