The Australian Dollar declined by 60 basis points or 0.91% in value against the US Dollar. The currency pair breached a support cluster formed by the monthly S1 and the weekly S1 at 0.6571 during yesterday’s trading session.

The exchange rate is currently trading near the lower boundary of a descending channel pattern at 06562. A breakout could occur within the following trading session.

However, if the descending channel holds, the AUD/USD currency exchange rate could make a slight upward movement and the potential target will be at the 100– hour simple moving average at 0.6593 during the following trading session.

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