The Australian dollar traded gloomy after Australian inflation data published last Wednesday also showed no increase for February.
Australia's consumer price index (CPI) data remained at 3.4% as in the previous month, missing expectations for an increase to 3.5%.
The market did not react significantly but Aussie dollar trading looked gloomy heading into the end of the week.
Adding pressure to the Aussie dollar as well as other major currencies, the US dollar again showed a strengthening after being supported by hawkish statements by Federal Reserve (Fed) official Christopher Waller for the existing policy to be maintained for longer.
Thus it can be observed on the AUD/USD currency pair chart, the price has been pushed down to the latest 3-week low on Thursday yesterday.
The price has reached a level around 0.64900 before bouncing back above the 0.65000 level to reach the 0.65280 level in the New York session yesterday.
However, the price increase is seen to have failed to cross the Moving Average 50 (MA50) obstacle line on the movement in the 1-hour timeframe of the AUD/USD chart, which suggests that the bearish trend will continue.
If the decline occurs below the 0.65000 level again, further declines will be expected to lead to the concentration zone around 0.64500.
A sustained decline will continue to record the price's latest low for the 4-month trading period.
On the other hand, if the price rebounds to increase again, the resistance is at the 0.65400 zone, which is seen to be tested before a higher increase can occur.
If it continues, the target will move to the next concentration level at around 0.66000 with a bullish trend change signal for the price.
