Examining the price chart of the AUD/USD currency pair at the beginning of this week, the price has started showing a rise again since yesterday.
Over the past few weeks, the price has been testing the support zone at 0.63000 which it has yet to break through.
Like yesterday, the price that fell tested the zone and then bounced back up around 60 pips to signal a bullish move after crossing the Moving Average 50 (MA50) line on the 1-hour time frame on the chart.
The increase in prices is seen to be driven more by the decline in the US dollar with investors witnessing a fall in the dollar index and also the 10-year US Treasury yield which has declined again after reaching the highest level since 2007.
Australia's manufacturing and services PMI data readings were published in the Asian session this morning, but had little impact on the Aussie dollar.
The same data will be published for the US in the New York session soon, expecting an interesting reaction in the market.
The price that continued to rise in the Asian session this morning is seen heading towards the target level of 0.63700 to test the resistance zone of the past week.
A higher increase if successful continues will target the level around 0.64400 which was also a price resistance before.
Meanwhile, for the expectation of a price drop, the price support zone at 0.63000 will be tested again.
Crossing the MA50 support line will expect a bearish trend change in price again and a continued fall could reach up to around 0.62000.
