The price movement on the AUD/USD currency pair chart is seen to remain moving in a horizontal zone above the 0.67000 support level.
Focusing on the Asian session this morning, the release of inflation data as well as the growth of the Australian economy affected the movement of the AUD dollar currency.
Australia's annual inflation reading was lower than expected, at 7.4%, down from 8.4% previously.
Meanwhile, Australia's Gross Domestic Product (GDP) for the last quarter of 2022 recorded a slower growth of 0.5% compared to expectations to increase to 0.8% from the previous reading of 0.7%.
The two data readings that are of central bank concern suggest that the Reserve Bank of Australia (RBA) needs to start moving towards policy easing.
The effect can be seen that the Aussie dollar weakened as soon as the data was published at the beginning of the Asian session this morning.
However, the decline only tracked to the 0.67000 support level before the price was seen to bounce back up to yesterday's high around 0.67500.
The height is seen as a resistance zone during which the price needs to be crossed to give a clearer signal for the bullish trend movement.
The price increase if continued is seen to go to the SBR (support become resistance) zone at 0.68200 before continuing to a higher level at the target of 0.69000.
However, if the price moves down again, the 0.67000 support level will continue to be the focus to be tested and broken.
A move lower would push the price to record a recent 10-week low towards around 0.66400.
