The Australian Dollar depreciated about 100 base points against the US Dollar on Wednesday. The currency pair was located near the 0.7077 area during the first part of today’s session.
By and large, it is likely that the exchange rate will continue its downside momentum and potentially target the lower boundary of a descending channel at 0.6950 during the next hours.
Although, a support level formed by the monthly S3 at 0.7070 could hinder the AUD/USD currency exchange rate from reaching the target as mentioned earlier today
