Reserve Bank of Australia (RBA) meeting minutes will be scrutinized by investors on Tuesday after interest rate hikes at the latest meeting were slower than expected.
The expected increase of 50 basis points to 2.85% from 2.35% was not achieved when the RBA only raised the rate to 2.60%.
In addition, the Australian employment data report on Thursday will also be a focus for the central bank's assessment of further monetary policy setting.
The still risky market sentiment is also seen as not in favor of the Australian dollar which received pressure from the strengthening of the US dollar currency at the end of the week.
This can be seen in the price movement on the chart of the AUD/USD currency pair which showed a strengthening on trading last Friday after failing to continue the rising price pattern the previous day.
The increase that failed to pass the SBR (support become resistance) zone of 0.63500 then showed a decrease of around 150 pips to the level of 0.62000 which became the support zone for the price.
The bearish trend of the price is reassessed after the price moves back below the Moving Average 50 (MA50) barrier level on the 1-hour time frame on the AUD/USD chart.
Slow price movements continue trading earlier this week with a weak bullish pattern displayed in the Asian session this morning, but analysts expect prices to be more likely to continue down.
If the price makes a decline past the 0.62000 support reached last week, the price will record the latest 2-year low.
The price drop is likely to reach around the 0.60000 zone.
However, if the 0.62000 zone still manages to contain the lower fall of the price this week, the price increase can be expected to test the SBR 0.63500 zone again after breaking the MA50 barrier.
A move higher beyond the SBR zone of 0.63500 will target the resistance zone at 0.65300.
