AUD/USD Fixed Rising to Last Month's Resistance Level of $0.6900

<p>&nbsp;The Australian dollar commodity currency was among the best performers this week as it took advantage of the weakening US dollar.</p><p><br /></p><p>If you look at the chart of the AUD/USD currency pair, the price has managed to reach the highest level in 4 weeks yesterday.</p><p><br /></p><p>The US dollar, which suffered a significant decline after the publication of the United States (US) consumer inflation data last Wednesday, was seen to continue to move weakly in the New York session yesterday following the US producer price index (PPI) data also showing a gloomy reading.</p><p><br /></p><p>Until trading resumes next week, analysts expect the US dollar to remain lower in the market with growing expectations that the tightening policy of the Federal Reserve (Fed) is at an end.</p><p><br /></p><p>Nevertheless, investors remain vigilant if the price movement changes direction at the close of trading in these final sessions with the possibility of profit taking activities that may occur.</p><p><br /></p><p>The price increase until yesterday's New York session almost touched the 0.69000 level which is the price resistance level tested in the mid-June trade.</p><p><br /></p><p>If the price increase succeeds in breaking through the resistance, the price will record the highest level since February.</p><p><br /></p><p><br /></p><p>The target for a higher rise is towards the height of 0.70000 anyway.</p><p><br /></p><p>Meanwhile, for the expectation of a possible price drop, the price is seen to drop to around 0.68200 before reaching the 0.67600 zone.</p><p><br /></p><p>Crossing the Moving Average 50 (MA50) support level on the 1-hour time frame movement on the chart will give an early signal for a price trend reversal.</p><p><br /></p><p>The market will also examine US consumer confidence sentiment survey data in the New York session shortly before this week's trading draws to a close.</p>