The Australian Dollar depreciated about 100 basis points against the US Dollar on Tuesday. The decline began after a negative macroeconomic data releases from Australian.
As for the near future, the AUD/USD currency pair will most likely continue to fall. The potential target for bearish traders would be near the weekly S1 at 0.6659.
If the support level holds, a brief upside retracement could occur during the following trading session.
However, if the currency exchange rate passes the weekly S1, the next target for bears would be at the 0.6634 area.
