During the past 24 hours of trading, the Australian Dollar has declined by 101 basis points or 1.52% in value against the US Dollar. The currency pair was pressured lower by the 50– hour simple moving average during yesterday’s trading session.
Everything being equal, the exchange rate could make an upside reversal from the weekly S3 at 0.6581 within this session. The possible target for the AUD/USD pair will be at the 0.6640 area.
However, if the currency exchange rate breaks the weekly S3, the next target for bearish traders would be at the lower boundary of a descending channel pattern at 0.6550.
