Downside risks dominated the Australian Dollar versus the US Dollar on Tuesday. As a result, a breakout occurred through the lower boundary of a descending channel pattern at the end of yesterday’s trading session.
Given that a breakout had occurred, the exchange rate might continue its downward swing today. Bearish traders could aim for the weekly S3 at 0.6586 during the following trading session.
On the other hand, the currency exchange rate could reverse from the current price level at 0.6725 and target the 100-hour simple moving average at 0.6791 in the coming hours.
