The Australian Dollar has depreciated about 52 base points against the US Dollar since yesterday’s trading session. The currency pair was guided by a junior descending channel pattern.
The exchange rate is gradually moving towards a support level formed by the weekly S3 at 0.6914.
If the AUD/USD pair passes the support level, bearish traders could aim for a swing low at 0.6905 today.
Although, if the weekly S3 holds, a potential upside reversal could occur during the following trading session.
