On Tuesday, the Australian Dollar depreciated by about 32 basis points against the US Dollar. A breakout occurred through the lower boundary of an ascending channel pattern at 0.6743 at the end of the previous session.
Given that a breakout had occurred, the AUD/USD currency pair will likely target the weekly S1 at 0.6699 within the following trading session.
Furthermore, technical indicators support bearish traders to continue their dominance in the market in the nearest future.
Note that the US Fed's chair speech scheduled at 15:00 GMT could increase volatility in the market today.
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