The Australian Dollar has been depreciating in a junior descending channel against the US Dollar since October 11. The currency pair depreciated about 42 basis points on Tuesday.
Currently, the AUD/USD exchange rate is trading near the bottom border of the descending channel pattern. From a theoretical point of view, the currency exchange rate might make a brief retracement towards the 200– hour SMA at 0.6755 today.
However, technical indicators demonstrate that a potential breakout through the lower boundary of the channel pattern could occur within the following trading session.
