The Australian dollar is trying to take the opportunity to rise again during the crisis that hit the US dollar currency.
In addition to the reaction to the United States (US) NFP employment data which is judged gloomy, the US dollar is also greatly affected by the crisis of the collapse of the giant banks in the US at the moment.
The situation began to change when the Federal Reserve (Fed) found it difficult to tighten monetary policy and interest rates were not expected to be raised to 50 basis points as previously expected.
The market will also watch the release of US inflation data in the New York session later tonight to assess the direction of the Fed which will have a big impact on the US dollar.
As for the Aussie dollar, the Australian employment data report on Thursday will be the focus that will be scrutinized by the central bank.
The price chart of the AUD/USD currency pair at the beginning of the week has started to show a bullish pattern again after being flat last week.
After hovering at the 0.65700 level last week, the price has risen again on Monday yesterday up to the 0.67000 level to test the SBR (support become resistance) zone.
But the price fell back from the zone when trading continued in the Asian session this morning (Tuesday).
The price movement that is still above the support level of the Moving Average 50 (MA50) on the 1-hour time frame on the AUD/USD chart still signals for the price to continue the rising pattern.
However, the resistance at the SBR 0.67000 zone needs to be crossed first before the price can continue climbing higher.
Some concentration levels such as 0.67700 and 0.68300 will also be tested if the rise continues before the price reaches the target height at 0.69000.
As for the expected price drop, the price moving lower below the MA50 level is seen to be heading towards last week's support level at 0.65700.
A further drop from the zone would mark a new 18-week low, the lowest since September 2022.
