Seriously, the USD continues to give room for other major currencies to be strong in this week’s trading including the Australian dollar which remains relevant in exhibiting dominance.
Meanwhile, the dominance of the Aussie dollar is also likely to continue to be supported by the release of Australian employment report data which recorded a very positive reading from previously placed expectations.
But the hawkish statement made by Federal Reserve (Fed) Chairman Jerome Powell to tap the earlier is expected to be powerful in influencing the movement of the USD.
Looking at the price movement on the AUD/USD pair chart, it seems to remain aggressive in highlighting the increase above 150 pips from the RBS (resistance become support) zone of 0.71000.
The increase has also completely broken last week's record high around 0.72210 and is seen as making the latest HH (higher high) in giving a bullish signal even clearer.
A bullish signal is also visible if observed on the 1 hour timeframe where the price movement continues to give indications by remaining traded above the resistance level of the Moving Average 50 (MA50).
Investors are likely to place their next initial target at the SBR (support become resistance) zone of 0.73000 if the price has the ability to record a more aggressive increase.
This situation can of course be said that the price movement is expected to test the level of 0.73600 first before the expectation that the price is probably able to head to the resistance zone of 0.74000.
On the other hand assuming the price returns to receive pressure from the strengthening of the USD, the zone closest to being hit is at the RBS 0.72000 zone after it was once the focus at the end of November.
While even more pressure will completely push the price movement to retest to the RBS 0.71000 zone and may be scrutinized by investors to anticipate the next price target.
