The price chart of the AUD/USD currency pair on today's trading (Tuesday) is showing an increase again after a decline in the New York session yesterday.
The decrease that occurred was due to the strengthening displayed by the US dollar which still received positive temps from the United States (US) NFP employment data report which was published well last Friday.
Price movements are expected to become more volatile ahead of the release of US inflation data on Wednesday.
Meanwhile, AUD traders will focus on the Australian employment data report that will be published on Thursday.
As prices on the AUD/USD chart slowed down in the Asian and European sessions yesterday, prices were seen testing the Moving Average 50 (MA50) barrier level on the 1-hour time frame around 0.66700.
The price plunge took place in the New York session reaching the level of 0.66200 recording the latest 4-week low.
However, the price rebounded slightly at the end of the session before the price increase continued in the Asian session.
Resuming trading at the beginning of the European session, prices continued to rise and have crossed the MA50 barrier triggering early expectations for a more bullish trend change.
The upside is seen to test the 0.67000 level before a bounce higher could lead back to the focus zone at 0.67600.
However, if the price makes a 'u-turn' and goes down again, the latest lowest level reached yesterday is likely to be overcome.
The decline will continue towards a lower target at the support zone around 0.65700 to 0.65400.
