The Australian Dollar declined by 144 basis points or 2.18% in value against the US Dollar on Tuesday. The currency pair breached the weekly support level at 0.6515 during yesterday’s trading session.
All things being equal, the exchange rate will most likely continue to trade south. The possible target for the AUD/USD pair will be at the lower boundary of a descending channel pattern at 0.6368.
Furthermore, technical indicators demonstrate that the currency exchange rate will continue its bearish sentiment in the shorter term.
