The price chart of the AUD/USD currency pair is showing a continued bearish pattern and has made new lows towards the end of the week.
This situation follows the market's reaction to the Australian central bank's policy meeting last Tuesday when expectations fell short, seeing interest rates on hold instead.
On Wednesday's trading yesterday, the decline in price has reached the focus support zone at 0.65400 and the price is hovering horizontally in the zone continuing trading today (Thursday).
The Australian dollar is seen to have failed to resist the urge to strengthen the US dollar for two consecutive days which changed at the beginning of the week to be more positive.
The positive numbers on the ADP employment data report of the United States (US) in the New York session yesterday continue to give support to the US dollar which was previously squeezed by the risk of a credit downgrade factor for the country.
A price movement that remains below the Moving Average 50 (MA50) barrier level on the 1-hour time frame on the AUD/USD chart is still a bearish signal.
If the price continues to fall lower after leveling off in the 0.65400 zone, a decline can be expected to reach around 0.64600 which was the price support at the close of last May.
This will be the latest low for the price for the 9-week trading period.
Meanwhile, if the price changes direction to make an increase, the MA50 barrier level will be tested and if it is passed it will be an indication for a change in the bullish trend.
The increased price will test the RBS (resistance becomes support) zone at 0.66300 and then to the 0.67000 level.
