The persistent US dollar continued its depreciation pattern so that today (Wednesday) pushed the price increase on the AUD/USD currency pair chart to its latest 10-week high.
The depreciation of the US dollar continued in the New York session last night even though the United States (US) export inflation data came in with increasing readings.
The US retail price index (PPI) for April recorded a higher reading beating forecasts and suggesting initial expectations for an increase could also apply to tonight's consumer inflation (CPI) reading which is more of a priority.
The Aussie dollar is taking advantage of the opportunity to increase this week but investors will pay attention to the Australian jobs data report in the Asian session tomorrow (Thursday).
The bullish price pattern is still successfully maintained on the AUD/USD chart with prices continuing to move above the 50 Moving Average (MA50) support line on the 1 hour time frame on the chart.
The increase continued in the Asian session reaching 0.66500 slightly above the previous week's high level.
Prices have the potential to reach even higher levels in the next trading sessions if the US dollar fails to recover immediately.
The next price move higher is seen targeting the support resistance zone at 0.67000.
On the other hand, if the price experiences a decline again, the initial support at 0.66000 will be approached again and will be tested by the price.
A drop below this level will expect the price to reach the previous support zone around 0.65600-0.65400.
