The release of the minutes report of the Australian central bank meeting in the Asian session today was seen to support the strengthening of the Australian dollar.
Examining the details of the minutes, the Reserve Bank of Australia (RBA) policymakers are seen as committed to continuing the policy tightening measures with an interest rate hike of 25 or 50 basis points considered for the next meeting.
The current interest rate, despite being raised, is acknowledged to be still low by the central bank in the face of the risk of continued inflation.
The Aussie dollar managed to regain its strength against the US dollar in the Asian session after receiving a slight decline in trading towards the end of the previous New York session.
Assessing the current price movement on the AUD/USD currency pair chart, the price is seen to have displayed a bullish pattern since last weekend again following the decline by the US dollar to continue the opening trade earlier in the week yesterday.
Prices showed gains yesterday reaching a high of 0.68500 in the New York session before investors saw a rebound at the end of the session following market sentiment that risked triggering a resurgence of the US dollar as a safe-haven.
After closing the trade around 0.68100 and moving slowly around it continued at the opening of the Asian session this morning, the price then surged after the reaction to the published RBA minutes report.
The price movement that remains above the support level of Moving Average 50 (MA50) on the 1 hour time frame still signals for the price to continue the bullish trend.
Continuing the trading at the beginning of the European session, the price increase is seen to continue to overcome the high reached yesterday around 0.68500.
If the rise is successfully continued, the higher target of the price is likely to reach at the high of around 0.69000.
Next, the price that continues to rise further will target the next focus level at 0.7000 to record the latest 5 -week high.
