The Australian Dollar has edged lower about 1.06% in value against the US Dollar since Wednesday’s trading session. A breakout occurred through the lower boundary of a junior descending channel pattern at 0.6785 during the Asian trading session on Thursday.
Everything being equal, the AUD/USD currency pair will most likely continue its southern movement today. The potential target for bearish traders would be near a support cluster formed by the monthly PP and the weekly S3 at 0.6759.
Although, the currency exchange rate might make a U-turn from the currency pair level at 0.6795 and aim for a resistance level at 0.6812 within the following trading session.
