The Australian Dollar declined by 55 basis points or 0.78% against the US Dollar on Monday. The currency pair breached the lower boundary of an ascending channel pattern during yesterday’s trading session.
Given that a breakout had occurred, the AUD/USD exchange rate could continue to depreciate during the following trading session. Bears could target the weekly support level at 0.6912.
However, technical indicators suggest that the currency exchange rate could edge higher within this session.
