The Australian dollar traded positively in the Asian session this morning (Thursday) influenced by the release of the Australian employment data report just now.
Looking at the report, job growth rebounded to record an increase of 64,900 for August after losing 1,400 in the previous month.
Meanwhile, the unemployment rate in Australia met the forecast to remain at 3.7%.
On the price chart of the AUD/USD currency pair, the price has shown an increase again after falling in the New York session last night when the focus was on the release of inflation data from the United States (US).
The US dollar strengthened when the data reading was published but the momentum faded again towards the end of the New York session.
It can be observed that yesterday's price drop first reached around 0.63800 before rebounding to around 0.64300.
After the rebound, the price continued the rising pattern in the Asian session this morning with the price movement starting to be above the support level of the Moving Average 50 (MA50) on the 1-hour time frame on the AUD/USD chart with the initial signal of a bullish trend about to begin.
The price rally has reached around 0.64500, but has pulled back and leveled off at the opening of the early European session.
If the rising pattern is successfully maintained in the following sessions, the price will continue climbing to a higher level and is likely to reach the 0.65000 zone.
Meanwhile, prices that fail to continue rising will be observed if there are signs of a possible fall.
The drop in price is expected to reach the support zone at 0.63700 which is an important price tested zone during trading last August.
