The Australian Dollar has depreciated about 32 basis points against the US Dollar since Friday’s trading session. A breakout occurred through the lower boundary of an ascending channel pattern during the morning hours of Monday’s trading session.
Given that a breakout had occurred, the AUD/USD exchange rate is likely to continue trading south in the shorter term. Bears might drive the price towards the 200– hour simple moving average at 0.6808.
However, a support cluster formed by the monthly and weekly pivot points at 0.6813 could provide support for the currency exchange rate today.