The Australian Dollar has declined about 51 basis points against the US Dollar since yesterday’s trading session. A breakout occurred through the lower boundary of a horizontal channel at 0.6850 on Tuesday.
Given that the 50-, 100– and 200– hour SMAs are above the price level, the exchange rate will likely continue its bearish sentiment today. The potential target for the pair will be at the 0.6812 area.
Although, technical indicators suggest that bullish momentum might come into play during the following trading session.
