The Australian Dollar has declined by 129 basis points or 1.87% against the US Dollar since Friday’s trading session. The currency pair was pressured lower by the 50– hour simple moving average.
Most likely, the AUD/USD exchange rate will continue to trade in the descending channel pattern. The potential target for bearish traders would be at the 0.6700 level.
However, a support cluster formed by the monthly R1 and the weekly S1 near 0.6754 could provide support for the currency exchange rate during the following trading session.
