The Australian Dollar has depreciated about 61 basis points against the US Dollar since Wednesday’s trading session. A breakout occurred through the lower boundary of a descending channel pattern at 0.6820 during the morning hours on Thursday.
Given that a breakout had occurred, the AUD/USD exchange rate will most likely continue to edge lower during the following trading session. The potential target for bearish traders would be at the 0.6750 area.
However, a support level formed by the weekly S2 at 0.6796 could provide support for the currency exchange rate today.
