Since the beginning of the week, the price chart of the AUD/USD currency pair showed a continuous decline until yesterday.
From the 0.67000 level the price has plunged almost 200 pips to around 0.65300 until yesterday's New York session.
In this morning's Asian session (Thursday), Australian employment data is the focus for investors to watch for price reaction effects on the chart.
Looking at the details of the report, the Australian economy lost 65,100 jobs last December with the unemployment rate remaining at 3.9%.
A rather bleak reading for the central bank's indication of policymaking is seen as putting little pressure on the Aussie dollar.
It can be observed that the price was slightly depressed at the beginning to the level of 0.65300 before rebounding and hovering around 0.65600 until continuing at the opening of the European session.
The Moving Average 50 (MA50) barrier on the 1-hour time frame of price movement on the AUD/USD chart is seen to be tested for investors to evaluate indicators for further price movement.
If the rise succeeds in breaking that barrier, the 0.66000 level will be the next resistance to overcome.
Next, the increase will retarget up to the 0.67000 zone which was the focus of last week's trading.
Meanwhile, if the price resumes the bearish pattern for the past few days, the decline is likely to continue towards the 0.65000 level.
See the picture of the price chart of the AUD/USD pair below for your technical analysis reference.
The chart displayed above uses the SaracenMarkets platform, open your trading account at SaracenMarkets today. – CLICK HERE – START TRADING NOW
