The Australian dollar fell for the second day in a row, but yesterday's fall was even worse.
The Aussie was not exempt from being one of the 'victims' of the US dollar's greed yesterday when the market reacted to the published United States (US) inflation data.
The annual inflation reading which remained at 3.7% missed the forecast of 3.6%, still projecting that monetary policy tightening will continue by the Federal Reserve (Fed).
This has supported the strengthening of the US dollar which has weakened since the beginning of the week, with continued strengthening until the end of the New York session.
Examining the price chart of the AUD/USD currency pair, the price recorded a daily decline of up to 120 pips reaching the level of 0.63100.
Continuing the opening of the Asian session this morning (Friday), the price slightly increased to the level of 0.63300 but retreated back down towards the opening of the European session.
The price decline is expected to continue to test the support zone at 0.63000 and if it breaks through, the price will record the latest low since November last year.
The target for further decline is towards the 0.62000 level which is the support zone tested in October 2022.
However, if trading in these final sessions sees a price surge again, the level around 0.63700 is seen to be tested before continuing to rise higher.
Then, this week's resistance level of 0.64400 which has been reached will be the next price target on the continued rise.
