The Australian Dollar has declined by 51 basis points or 0.75% in value against the US Dollar since on Monday. A breakout occurred through the lower boundary of an ascending channel pattern during yesterday’s trading session.
Given that a breakout had occurred, bears will most likely continue to drive the currency pair lower within this session. The possible target will be near a support level formed by the weekly S1 at 0.6666.
A potential upside reversal could occur from the weekly support level, as mentioned earlier, during the following trading session.
