AUD/USD Analysis: Bears Market

The Australian Dollar has depreciated about 92 base points against the US Dollar since Thursday’s session. The currency pair dashed through a one-week trading range during the first part of today’s session.

As for the near future, it is likely that the AUD/USD currency pair will continue its bearish momentum. Bearish traders could push the currency exchange rate towards a swing low of 0.7061 today.

However, a traditional weekly and the monthly pivot points at 0.7144 could hinder the exchange rate from falling further south.