Reviewing the price movement on the AUD/USD currency pair chart for the past week, the price is seen to have displayed a trend change pattern towards the end of the week.
If examined, the price initially made a decline at the beginning of the week to reach the level of 0.68500, but the price changed direction to rise again from that level until continuing after the FOMC meeting which saw the effects of the US dollar depreciation.
The rally on Thursday reached a high of 0.70650 until the end of the New York session, and investors expect a higher rise to occur after the price change pattern.
The opposite happened on Friday when the price plunged back over 150 pips to reach the level of 0.69000 and re -bleached the forecast for a price increase.
The minutes of the Australian central bank (RBA) meeting on Tuesday will be given attention which is expected to affect the movement of the Australian dollar.
Started trading earlier this week, although slow but the price displayed a rise in the Asian session heading to the level of 0.7000.
The Moving Average 50 (MA50) barrier on the 1 -hour time frame will be tested before the continued rise past the barrier and also breaking the 0.7000 level could invite again expectations for a bullish price movement this week.
The higher increase if continued will lead to the level around 0.71000 to test the focus zone.
Next, a higher rise will lead to the level of 0.71800 to test the SBR zone (support become resistance) after a clearer bullish trend signal.
On the other hand, if the price continues to decline on last week's plunge, the price is likely to decline lower beyond the level reached on Friday of 0.69000.
Continuing the lower decline will lead up to the support zone for last May's trade around 0.68300 to record the latest 6 -week low.
