AUD/USD Analysis – Key $0.6300 Zone Continues To Be Tested, But This Is Price Reaction!

<p>&nbsp;Examining the price chart of the AUD/USD currency pair at the beginning of this week, the price has started showing a rise again since yesterday.</p><p><br /></p><p>Over the past few weeks, the price has been testing the support zone at 0.63000 which it has yet to break through.</p><p><br /></p><p>Like yesterday, the price that fell tested the zone and then bounced back up around 60 pips to signal a bullish move after crossing the Moving Average 50 (MA50) line on the 1-hour time frame on the chart.</p><p><br /></p><p>The increase in prices is seen to be driven more by the decline in the US dollar with investors witnessing a fall in the dollar index and also the 10-year US Treasury yield which has declined again after reaching the highest level since 2007.</p><p><br /></p><p>Australia's manufacturing and services PMI data readings were published in the Asian session this morning, but had little impact on the Aussie dollar.</p><p><br /></p><p>The same data will be published for the US in the New York session soon, expecting an interesting reaction in the market.</p><p><br /></p><p><br /></p><p>The price that continued to rise in the Asian session this morning is seen heading towards the target level of 0.63700 to test the resistance zone of the past week.</p><p><br /></p><p>A higher increase if successful continues will target the level around 0.64400 which was also a price resistance before.</p><p><br /></p><p>Meanwhile, for the expectation of a price drop, the price support zone at 0.63000 will be tested again.</p><p><br /></p><p>Crossing the MA50 support line will expect a bearish trend change in price again and a continued fall could reach up to around 0.62000.</p>