AUD/USD Sinks To New 9-Month Low!

<p>&nbsp;As mentioned in the previous analysis for the chart of the AUD/USD currency pair, the price has finally reacted to the important level of 0.63700 after the decline continued.</p><p><br /></p><p>Tracking the movement of the Australian dollar, the Asian session this morning (Thursday) focused on the release of the Australian employment data report which showed a declining reading.</p><p><br /></p><p>The economy recorded 14,600 job losses in July and added concern as the unemployment rate rose to 3.7% higher than the forecast of 3.6%.</p><p><br /></p><p>Prior to that the currency had been trading depressed affected by risk market sentiment as China's economy was plagued by uncertainty.</p><p><br /></p><p>The reaction that can be seen is the depreciation of the Aussie dollar currency to the latest low of the year against the US dollar.</p><p><br /></p><p>The US dollar is seen to have managed to maintain its strength after the market examined the report of the minutes of the FOMC meeting published early this morning with the expectation that monetary policy tightening measures will be continued by the central bank.</p><p><br /></p><p>If on Wednesday yesterday the price on the AUD/USD chart was flat in the 0.64500 zone, today the price has fallen to the level of 0.63700 in the Asian session before rebounding slightly to continue trading at the opening of the European session.</p><p><br /></p><p><br /></p><p>The signal remains bearish with the price movement hovering below the Moving Average 50 (MA50) level on the 1-hour time frame on the chart, becoming a barrier when the price tries to make an increase.</p><p><br /></p><p>Further declines can be expected towards the end of the week to record recent lows, with the nearest target being around 0.63000.</p><p><br /></p><p>A more important zone is at 0.62000 if the price decline continues which has previously been an important price support tested in October trading last year.</p><p><br /></p><p>However, if investors are presented with a bullish pattern again, watch the 0.64500 zone and the MA50 barrier for price to try to break through.</p><p><br /></p><p>If successful, the price will head back to the 0.65400 concentration level after showing signs of a bullish trend change.</p>