The price pattern on the chart of the AUD/USD currency pair started to show a bearish trend towards the end of last week.
This follows the strengthening that has been shown by the US dollar, which has prevented the momentum of the previous increase in the value of the Australian dollar, which was shocked by the increase in interest rates by the central bank of Australia (RBA) at the policy meeting in early May.
The minutes of the meeting that will be published tomorrow (Tuesday) will be scrutinized and will influence the movement of the Australian dollar in the Asian session before the expected employment data report on Thursday.
On the AUD/USD chart last week, the price was seen to have reached a high of around 0.68100 on Wednesday before the price started a downward pattern towards the end of the week.
After falling to the 0.67000 zone, the price continued to fall until it finally reached the 0.66400 level in the last market session.
The price movement if it remains below the Moving Average 50 (MA50) obstacle level this week will remain expecting the bearish trend to continue.
The Asian session at the opening of this week is seen to display an early bullish pattern towards the 0.67000 concentration level and is seen to be testing the MA50 barrier.
If the following resistances can be overcome, the price breaking higher is expected to head towards the zone around 0.67500 before reaching the highs reached last week.
If the price clearly displays a strong surge to continue the rising pattern of the early trading of last May, the target to reach is at 0.69000.
However, if the price reverses to make a decline again, the bearish trend will continue with the price expected to reach the support zone at 0.65700.
A lower break above that zone would record the latest low since November 2022.
