The Australian Dollar depreciated about 31 basis points against the US Dollar on Tuesday. The currency pair is currently trading in a narrow descending channel pattern.
Everything being equal, the AUD/USD exchange rate will most likely continue to trade in the narrow channel pattern during the following trading session. The potential target will be near the monthly pivot point and the weekly S1 at the 0.6801 regions.
Furthermore, technical indicators suggest that the currency exchange rate could still slide lower within the following trading session.
