The Australian Dollar edged lower by 142 pips or 1.83% against the US Dollar on Tuesday. The currency pair breached the weekly support level at 0.7674 during yesterday’s trading session.
All things being equal, the exchange rate could continue to edge lower in a descending channel pattern during the following trading session. The potential target sellers will be near the 0.7523 area.
However, the AUD/USD currency exchange rate might make an upside reversal from the weekly S2 at 0.7611 today.
