The price chart of the AUD/USD currency pair is starting to show a different movement pattern today than it did at the beginning of the week.
At the opening of trading in the Asian session last Monday, the price has displayed its surge giving a positive signal for price increases.
After the 0.64400 high level was tested, the price was seen to fail to continue the rise and moved flatly below it throughout Tuesday yesterday.
Awaiting important data to be published on Thursday, the price was seen hovering above the Moving Average 50 (MA50) support level on the 1-hour time frame on the AUD/USD chart throughout the New York session.
However, the situation changed in the Asian session this morning (Wednesday) when the price started showing a plunge and until the early opening of the European session, the price hovered around the 0.64000 level.
Investors will focus on the United States (US) inflation data in the New York session tonight before the focus will shift to the release of Australian employment data in the Asian session tomorrow.
These important data, which are indicators for the respective central banks to set monetary policy, will drive further price movements towards the end of the week.
For the expectation of a lower decline, the price will head towards the 0.63700 support zone which has been the focus of the past week.
If this week the zone fails to hold the price from falling lower, the decline will continue with the target moving to 0.63000.
Meanwhile, if the price manages to accelerate upwards again, breaking the MA50 barrier will see the resistance zone at 0.64400 waiting to be tested again.
If it succeeds in breaking higher, the price can target an increase up to the height of 0.65400.
