The price chart of the AUD/USD currency pair shows the change in direction in the price pattern towards the end of this week.
If at the beginning of the week the increase was successfully displayed from the support zone of 0.63000, but the price decline that occurred initially on Wednesday night continued into the Asian session this morning (Thursday), again reaching back into that zone.
On Wednesday, the price reached a high of 0.63900 before a bearish trend change was identified which was influenced by fundamental factors.
After the minutes of the Reserve Bank of Australia (RBA) meeting were published last Tuesday, remarks by Governor Michele Bullock were also scrutinized last Wednesday.
Even though the hawkish tone was interpreted, the Aussie dollar was seen as failing to withstand the hopes of being strengthened by the US dollar currency.
Australian jobs data was also published in the Asian session this morning, the Aussie dollar was increasingly under pressure if the increase in jobs in September was much slower than forecast.
The price has dropped back to the 0.63000 level in the Asian session this morning and was flat around that level continuing at the opening of the European session.
The trend turns bearish if the price is seen starting to move back below the 50 Moving Average (MA50) barrier on the 1 hour time frame on the AUD/USD chart.
If the tested support zone of 0.63000 is successfully penetrated, further price declines will occur and prices will record their latest lows this year.
The target is to reach the 0.62000 support zone which was last touched by the price in trading in October last year.
However, if the price manages to climb back from the 0.63000 support zone, the MA50 barrier level needs to be penetrated to give a positive signal for the price to continue its further increase.
The 0.63700-0.63900 zone is the next obstacle that will be tested before the increase continues towards the support zone at 0.64400.
