During the past 72 hours, the Australian Dollar has depreciated about 0.90% in value against the US Dollar.

Given that the 50-, 100– and 200– hour SMAs are above the price level, the AUD/USD currency exchange rate will most likely continue to trade south today. The potential target for bearish traders within the next 24 hours of trading will be at the 0.6697 area.

If the support level formed by the weekly S2 holds, a possible upside reversal could occur during the following trading session.

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