AUD/USD Drops Near Key Price Zone of $0.6700!
The Australian jobs data report published on Thursday failed to sustain the Australian dollar's performance towards the end of the weakening week.The strengthening pressure of the US dollar at the end of last week also added to the downward pressure on the AUD/USD currency pair chart.This week, the results of the FOMC meeting will be the main focus that will drive the direction of further price movements.However, with the expectation that the Federal Reserve (Fed) will raise interest rates by 25 basis points at this latest meeting, it will encourage the strengthening of the US dollar from the beginning of the week.As for the Aussie dollar currency, the Australian inflation data to be published in the Asian session on Wednesday morning will be seen to influence its price movement.On the AUD/USD chart, after a brief surge in price on Thursday following the reaction to published data, the price reached a high of 0.68400 before a bearish pattern appeared.Signaling a bearish movement last Friday when the price started to move below the Moving Average 50 (MA50) barrier level on the 1-hour time frame on the chart with the lowest level reached in the closing session around 0.67300.Prices remained hovering slowly in the zone continuing the opening trades earlier this week in the Asian session and the early European session.Expectations for continued price declines will test 0.67000 which is the RBS (resistance becomes support) zone with price reactions around that will give an indication of further movement.A lower breakout indicates that the bearish trend will continue with the price likely to reach around 0.66300 before reaching the 0.65400 support zone.Meanwhile, in the event of a price increase again, the 0.65600 zone will be the initial resistance to be tested.A continued rise above the MA50 barrier will trigger an early signal for a re-trend change expecting a rise towards last week's high of 0.68400 again.
The Australian jobs data report published on Thursday failed to sustain the Australian dollar's performance towards the end of the weakening week.
The strengthening pressure of the US dollar at the end of last week also added to the downward pressure on the AUD/USD currency pair chart.
This week, the results of the FOMC meeting will be the main focus that will drive the direction of further price movements.
However, with the expectation that the Federal Reserve (Fed) will raise interest rates by 25 basis points at this latest meeting, it will encourage the strengthening of the US dollar from the beginning of the week.
As for the Aussie dollar currency, the Australian inflation data to be published in the Asian session on Wednesday morning will be seen to influence its price movement.
On the AUD/USD chart, after a brief surge in price on Thursday following the reaction to published data, the price reached a high of 0.68400 before a bearish pattern appeared.
Signaling a bearish movement last Friday when the price started to move below the Moving Average 50 (MA50) barrier level on the 1-hour time frame on the chart with the lowest level reached in the closing session around 0.67300.
Prices remained hovering slowly in the zone continuing the opening trades earlier this week in the Asian session and the early European session.
Expectations for continued price declines will test 0.67000 which is the RBS (resistance becomes support) zone with price reactions around that will give an indication of further movement.
A lower breakout indicates that the bearish trend will continue with the price likely to reach around 0.66300 before reaching the 0.65400 support zone.
Meanwhile, in the event of a price increase again, the 0.65600 zone will be the initial resistance to be tested.
A continued rise above the MA50 barrier will trigger an early signal for a re-trend change expecting a rise towards last week's high of 0.68400 again.
