On Monday, the Australian Dollar declined by 41 pips or 0.54% against the US Dollar. A breakout occurred through the lower boundary of an ascending channel pattern during yesterday’s trading session.
Given that a breakout has occurred, the exchange rate could continue to trend bearish during the following trading session. The possible target for the AUD/USD pair would be near the weekly support level at 0.7505.
However, the currency exchange rate could find support at 0.7540 within Tuesday’s trading session.
