Run Out If AUD/USD Falls Through the $0.6300 Zone!

<p>&nbsp;The Australian dollar fell for the second day in a row, but yesterday's fall was even worse.</p><p><br /></p><p>The Aussie was not exempt from being one of the 'victims' of the US dollar's greed yesterday when the market reacted to the published United States (US) inflation data.</p><p><br /></p><p>The annual inflation reading which remained at 3.7% missed the forecast of 3.6%, still projecting that monetary policy tightening will continue by the Federal Reserve (Fed).</p><p><br /></p><p>This has supported the strengthening of the US dollar which has weakened since the beginning of the week, with continued strengthening until the end of the New York session.</p><p><br /></p><p>Examining the price chart of the AUD/USD currency pair, the price recorded a daily decline of up to 120 pips reaching the level of 0.63100.</p><p><br /></p><p>Continuing the opening of the Asian session this morning (Friday), the price slightly increased to the level of 0.63300 but retreated back down towards the opening of the European session.</p><p><br /></p><p><br /></p><p>The price decline is expected to continue to test the support zone at 0.63000 and if it breaks through, the price will record the latest low since November last year.</p><p><br /></p><p>The target for further decline is towards the 0.62000 level which is the support zone tested in October 2022.</p><p><br /></p><p>However, if trading in these final sessions sees a price surge again, the level around 0.63700 is seen to be tested before continuing to rise higher.</p><p><br /></p><p>Then, this week's resistance level of 0.64400 which has been reached will be the next price target on the continued rise.</p>