The price movement on the AUD/USD currency pair chart showed a lower decline again towards the weekend trading.
At the beginning of the week the price was seen making a decline to the support zone of 0.71000 but managed to bounce back to make an increase.
As of Wednesday's trading yesterday, the price increase is seen limited to the price zone of 0.71800 which is the SBR (support become resistance) zone.
Failing to overcome the barrier, the price plunged back yesterday to the 0.71000 support zone until the end of the New York session following the market's reaction to the FOMC meeting which gave the US dollar an advantage to strengthen.
Also giving an indication for the price to continue the bearish trend over the previous few weeks, the price has moved below the Moving Average 50 (MA50) barrier level on the 1 hour time frame.
Continuing the Asian session trading this morning (Wednesday), the price continued to decline further after passing the support zone of 0.71000, and in the European session, saw the price rise again after the price touched the latest ‘floor’ around 0.70650.
It is likely that the price will test the 0.71000 zone before forming the latest SBR (support become resistance) zone.
And if the price resumes the decline, the price concentration level is seen to be at the support level around 0.70000 to record the latest price low for the 7 -week trading period.
On the other hand, if the price increase manages to pass the barrier in the 0.71000 zone, the continued increase will face the barrier in the SBR 0.71800 zone which was tested yesterday.
For higher gains, the price zones to be given attention are around 0.72300 as well as 0.72800 before the price tests the 0.731000 height zone reached 2 weeks ago.
