The Australian Dollar has declined by 58 basis points against the US Dollar since yesterday’s trading session. A breakout occurred through the lower boundary of an ascending channel pattern at 0.6920 during the morning hours on Tuesday.
Given that a breakout had occurred, the AUD/USD currency pair will likely continue to trade south within this session. The potential target will be near the monthly S1 at 0.6837.
Although, a support level formed by the weekly S2 at 0.6868 could provide support for the currency exchange rate during the following trading session.
