The price flat movement on the chart of the AUD/USD currency pair is seen as persistent throughout the week with the resistance level at 0.75400 preventing the price from going higher.
The horizontal pattern below the resistance level actually continued at the end of last week's trading again after the price increase at the beginning of the week that broke the 0.74400 zone.
Both the US dollar and the Australian dollar, which are sensitive to market sentiment, failed to connect the previous bullish trend movement with the market atmosphere still on guard against the development of the Russia-Ukraine conflict.
In addition, investors are waiting for the NFP jobs data report for the United States (US) on Friday tomorrow which is expected to have an impact on the movement of the US dollar.
Trading today (Thursday), shows the price on the AUD/USD chart shrinking back below the resistance level of the 50 Moving Average (MA50) on the 1 hour timeframe which is seen as an early signal for a bearish trend change.
For a price decline, the level of 0.74400 in the RBS (resistance become support) zone will be tested and has the potential to become a support level for the price.
However, if the price declines lower, the price decline is expected to also reach the level of around 0.73600.
On the other hand, if the price manages to make an increase and exits the horizontal zone this week, investors will be more optimistic about expecting the price to continue the previous bullish trend.
The rise in price that breaks the barrier in the 0.75500 zone will post a fresh 8-week high level possibly targeting the 0.76500 high level.
