The Australian Dollar depreciated by 45 basis points against the US Dollar on Tuesday. The currency pair was pressured southward by the 50– hour simple moving average during yesterday’s trading session.
By and large, the AUD/USD exchange rate could continue to trade bearish within this session. The potential target for bears would be at the lower boundary of a junior descending channel pattern at 0.6820.
However, the monthly support level at 0.6837 could provide support for the currency exchange rate during Wednesday’s trading session.
