The excitement of waiting for the release of the United States (US) inflation data in the New York session shortly continues to push the gloomy movement of the US dollar exhibited since the end of last week continued in the early trading this week.
Despite the hawkish speech delivered by Federal Reserve (Fed) Chairman Jerome Powell last week, the US dollar failed to show any strengthening, instead depreciating and leaving room for most other major currencies to rise again.
Similarly, the Australian dollar showed excellent performance at the beginning of the week, rising against the US dollar, outperforming the trade last week.
Aussie investors will be cautiously awaiting the Australian jobs data report on Thursday while the US inflation data will be in focus first tonight which could potentially be a barrier to the strengthening of the AUD dollar or otherwise.
On the price chart of the AUD/USD currency pair, which saw a surge at the end of last week's trade close, it is seen to continue the upward pattern at the beginning of this week.
The increase in the Asian session yesterday from the level of 0.68250 has managed to touch the height of 0.69000 which is the latest resistance for the price in addition to the price also recording the latest height of 2 weeks.
Continuing on Tuesday trading today, the price is seen to be still blocked at the resistance of 0.69000 and slightly shrinking, but the price is still moving above the support level of the Moving Average 50 (MA50) on the 1-hour time frame for the price movement signal is still bullish.
If the rally continues and breaks through the 0.69000 resistance, the price will likely target the 0.70000 level to test that important resistance zone.
The zone was also tested at the end of August, but the price failed to break through it.
On the other hand, if the price remains unable to break through the 0.69000 resistance and starts to decline below the MA50 support level, the 0.68300 and 0.67700 zones are seen among those that will focus on the continued decline.
A lower drop will test the 0.67000 support zone which was the focus last week when the price bounced.
