The Australian Dollar began December trading at the beginning of this week with a gloomy opening, marking the third consecutive month of decline.
If you look at the AUD/USD currency pair chart, the price has been showing a decline since early October and continued until last month.
Last week, the price was seen reaching the level of 0.644000 and the price remained flat above it until the beginning of this week.
However, in the Asian session this morning (Wednesday), the price fell lower below that level due to the market reaction to the published Australian economic growth data.
Growth in the third quarter increased slowly to 0.3%, failing to reach the 0.5% target.
The situation is seen to prompt the central bank to implement monetary policy easing while the interest rate is still maintained at 4.35% throughout this year.
Meanwhile, the US dollar, which began to show strength at the beginning of this week, is also seen as a factor pushing the price to lower levels.
A decline of around 80 pips was shown in the Asian session this morning reaching a new 4-month low of 0.64100.
However, there is a price rebound to the 0.64400 level which is expected to provide an indication of the further direction.
If it declines again, a new low will be recorded with a target of heading up to 0.63500 which became the lowest price level for this year during the decline in early August.
However, if the price jumps higher than the 0.64400 level, the bullish pattern will be displayed again with a target of heading towards 0.65400 as the previous resistance.
