The Australian Dollar has declined by 142 basis points or 2.28% in value against the US Dollar since yesterday’s trading session. A breakout occurs through the lower boundary of an ascending channel pattern on Wednesday morning.
Given that a breakout had occurred, the exchange rate will most likely continue to edge lower within this session. The potential target for the AUD/USD pair will be near a support cluster at the 0.6000 area.
A possible upside reversal could occur from the support cluster, as mentioned above during the following trading session.
