On Tuesday, the Australian Dollar declined by 73 pips or 0.98% against the US Dollar. A breakout occurred through the lower line of an ascending channel pattern during yesterday’s trading session.
Given that a breakout has occurred, sellers could continue to drive the price lower during the following trading session. The potential target for the AUD/USD currency pair would be near the 0.7320 area.
However, the 200– hour simple moving average at 0.7360 could provide support for the currency exchange rate within this session.
