Asian currencies including the Australian and New Zealand dollars were also among those who stole the opportunity to continue strengthening earlier this week.
Successfully breaking out of the previous price flat zone, the Aussie dollar extended its rise in value on Monday yesterday to a new 3-month high against the US dollar.
The situation of continued depreciation of the US dollar gives room for the Aussie dollar to remain positive while investors evaluate the statement by the governor of the central bank of Australia (RBA) in the Asian session just now.
Governor Michele Bullock who participated in a panel discussion event in Hong Kong today expressed caution about central banks using interest rates to lower inflation while balancing the unemployment rate.
Australia's inflation is seen to be similar to that of the global economy and monetary policy is being kept at a tight level.
The Aussie dollar was seen rising following Bullock's speech although Australian retail sales data published earlier showed a sharper monthly contraction than forecast.
Looking at the price chart of the AUD/USD currency pair, the price has continued to rise at the beginning of the week yesterday past the resistance level of 0.66000.
The price movement remained stable moving above the Moving Average 50 (MA50) support line on the 1-hour time frame on the chart indicating a bullish trend.
As the rally continues in the Asian session this morning, the price has reached a new high around 0.66300 which is the highest level since August trading.
With the current pattern displayed, the price looks likely to continue the rise higher with a target at the 0.67000 zone.
However, if the decline occurs below the 0.6000 level again and also breaks through the MA50 support, investors will be cautious in preparation for a price trend change.
The initial decline will be towards around 0.65400 before returning to around 0.65000.
