Watch the price movement on the AUD/USD currency pair chart earlier this week.
After a clear bearish movement of prices since last weekend, then there was an early bullish pattern up to the Asian session on Tuesday yesterday making investors wonder if this is a sign for the trend to change direction?
Expectations slipped after the price stagnated at the resistance level of 0.72300 before the price started to show a decline again in the European session continuing to the New York session yesterday.
The upside is also seen to be hampered by the Moving Average 50 (MA50) barrier level on the 1 -hour time frame which indicates that the price is still moving in a bearish trend.
Yesterday's price decline led to the target level at the support zone 0.71000 but has not yet reached that zone the price has made a rise again at the opening of the Asian session early this morning (Wednesday).
Rising prices until the beginning of the European session this afternoon are seen testing the resistance level of 0.71800 and also testing once again the MA50 barrier.
With the continued strengthening of the US dollar, most likely the majority of market players still expect prices to continue lower declines.
The focus zone at the 0.71000 support will be the focus to test the price for the continued decline.
If the support zone is successfully broken, the next target will shift to the zone around 0.7000 which was previously the focus which was also the support in December 2021 and January trade.
However, the price trend is starting to change, the upside will once again test yesterday's focus resistance at 0.72300.
A higher rise will head up to the 0.73600 zone or further at the 0.74400 focus for a clearer bullish trend.
