After the lull in inflation data yesterday, the focus in the Asian session this morning (Thursday) was directed to the release of the Australian employment data report which has reacted to the movement of the Aussie dollar.
Looking at the report, job gains in Australia in July were higher at 58,200 compared to the previous month's updated 52,300, and also well ahead of the low forecast of a 20,200 gain.
However, the positive reading was slightly hampered when the unemployment rate recorded an increase to 4.2% compared to the forecast to remain at 4.1%.
The Australian dollar showed gains in the Asian session this morning despite a slight fall early in reaction to the published report.
If you look at the chart of the AUD/USD currency pair, there are signs of a change in price direction on Wednesday's movement yesterday, but the situation changed this morning.
Previously, the rising price pattern was successfully maintained up to a level around 0.66400 where the price continued to move above the Moving Average 50 (MA50) support line on the 1-hour time frame on the chart.
But the decline in yesterday's New York session which approached the 0.66000 zone began to see the price below the MA50 line, giving an early warning that a downward trend change is imminent.
In the Asian session this morning, the price dropped to around 0.65700 before bouncing back to the 0.66200 level and is seen trying to be above the MA50 line again.
If the Aussie dollar manages to maintain positive momentum for the next few sessions, a further rally could be in order for prices to record this week's latest highs.
The target for the continued bullish movement of the price is to reach the height at 0.67000.
On the other hand, if the price plunges back below 0.66000, it will be an indication to resume the downward pattern for the price.
The 0.65400 and 0.65000 zones between the closest areas are seen as a focus if a decline occurs.
