Taking a look at the price chart for the AUD/USD currency pair it seems that it has once again displayed a fresh record low of 1 year reaching around 0.70650 levels.
Volatile moves were also witnessed and saw the USD currency more stylish in showing off its gains in the New York session overnight in line with the hawkish reality than the Federal Reserve (Fed).
However, the gains are unlikely to last long after the Australian dollar has gained a boost following positive readings by the publication of Australian Gross Domestic Product (KDNK) data.
The focus will also be more focused on important data related to the USD which will be published in the New York session tonight including the decision from the United States (US) ADP NFP data for the private sector.
The decline has also seen a decline of nearly 1000 pips from the 0.80000 level which was the highest level ever recorded in late February trading.
After making the latest record, price movements are seen to have rebounded and have overcome the Moving Average 50 (MA50) barrier to close daily trading with a bearish candle.
However, if the price manages to continue its more vigorous upward trend, the previous support zone which has now become the SBR zone (support becomes resistance) 0.72000 is likely to be reached.
The ability of the price to reach the SBR zone will indirectly indicate the price is trying to fly higher with the expectation that the price will test to the 0.73000 SBR zone.
On the other hand, the latest support zone at 0.71000 is likely to be retraced if the price movement continues to record a decline to a lower level and remains intact to remain bearish.
The persistence in perpetuating the bearish trend will see prices test their 2021 lows around 0.70650 before prices continue to record new lows once again this year.
