Monitoring the price to the AUD/USD pair chart it seems to still maintain the downtrend approaching 500 pips after reaching a high of around 0.75500 at the end of October.
The Aussie dollar continued to take no note of the release of Australian Gross Domestic Product (GDP) data which recorded a positive reading to give room for the USD to strengthen.
It is clear that the USD continues to take advantage of the opportunity given the follow -up is still the mainstay of the hawkish statement by Federal Reserve (Fed) Chairman Jerome Powell.
The USD also continues to maintain its reputation as the king of currencies at a time when most investors are already taking steps to prepare for the release of the US NFP data report.
The price movement is also seen to have re-tested the 1-year low of 0.70650 during the Asian and European sessions today (Friday) by continuing the decline for 4 consecutive days.
In line with that, the decline also seems to be still in a downtrend pattern after the price remained traded below the Moving Average 50 (MA50) barrier level in the 1 -hour timeframe.
A lower bearish capability will see the price movement hit the 0.70000 support zone and it often supports the last spike tracked in September 2020.
A decline that breaks through the support zone will indirectly break the most resistant wall with the expectation that it will touch the focus zone last year at the level of 0.69000.
On the other hand, if the price manages to make a change in the bullish trend, the SBR zone (support become resistance) 0.71000 will probably be reached first before being able to take a step further.
A significant increase is expected to be seen at 0.72000 to be achieved and thus will give a clear indication to investors to target the price to be able to return to the rise.
