The Australian dollar moved better against the US dollar at the beginning of today's session (Wednesday) after the strengthening pressure on the US dollar eased a bit.
On Tuesday yesterday, the US dollar was seen continuing to strengthen from last week's closing trading momentum when the reaction to the United States (US) NFP employment data was published.
However, market movements were mixed with concerns surrounding the important data of today's US consumer price index (CPI) and the FOMC meeting early Thursday morning.
Examining the price movement on the AUD/USD currency pair chart, the zone around 0.66000 became the focus throughout Tuesday yesterday.
A little positive when the price showed an increase in the Asian session this morning after being seen first testing the 0.66000 level before bouncing up.
A slow bullish pattern reached the 0.66200 level at the opening of the European session, but showed early signals for a bullish move above the Moving Average 50 (MA50) support line on the chart's 1-hour time frame.
The price's initial resistance at 0.66400 will slow the rise before continuing higher towards the main resistance zone at 0.67000.
Meanwhile, a drop in price below the 0.66000 level will risk a deeper fall.
The target is to head around 0.65400 for the price to test that important zone and signal the direction of further movement.
Whether it goes up or down, drastic price movements are expected to be displayed in the New York session later.
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
