The Australian Dollar has depreciated about 50 base points against the US Dollar since Friday’s trading session.
As for the near future, it is likely that bearish traders would drive the AUD/USD currency pair further south. The potential downside target will be near a support cluster formed by the combination of the weekly and the monthly pivot points at the 0.6959 area.
If the support cluster holds, a brief retracement towards the upper boundary of a descending channel pattern at 0.6987 could be expected during the following trading session.
