The minutes of the Australian central bank meeting published in the Asian session this morning (Tuesday) were the focus for investors to scrutinize further details of the meeting that took place in early April.
If scrutinized, the Reserve Bank of Australia (RBA) is committed to maintaining a loose policy as well as being prepared to increase bond purchases if necessary.
The situation was seen as not deterring the gains exhibited by the Australian dollar in the Asian session this morning following market sentiment earlier in the week in support of commodity currency trading.
However, it can be seen that the price increase on the AUD/USD currency pair chart is starting to slow towards the opening of the European session market.
The advantage remained capitalized on by the Aussie dollar earlier in the week with the depreciation of the US dollar continuing its movement pattern last week.
Yesterday's price surge reached a high of 0.77800 before declining and closing the trade at the RBS (resistance become support) zone of 0.77500.
The price also remains above the Moving Average 50 (MA50) support level on the 1 -hour time frame of the price movement for the bullish trend signal.
Starting trading in the Asian session this morning, the price resumed the rise from the RBS zone of 0.77500 and has managed to overcome yesterday’s high to head to the latest resistance level at 0.78300 which failed to be broken in last March trading.
A higher rise will push the price expectations to head back to the 0.8000 high to record the latest high level this year.
If the price makes a further decline below the RBS zone of 0.77500 and below the level of MA50, the decline is seen to re -test the RBS zone at 0.76500.
Next the support zone 0.75700-0.75300 awaits the lower price decline to continue.
