Analysts are risking the initial expectation that the positive development of the United States (US) debt ceiling agreement will support the strengthening of the US dollar currency in the market.
However, it is still not clear that the slow price movement for the first few sessions at the opening of the market earlier this week.
The market is also seen to be just 'warming up' today (Tuesday) following most banks being closed yesterday.
Monitoring the movement on the price chart of the AUD/USD currency pair, the horizontal price throughout Monday yesterday was hovering in the 0.65500 zone with attempts for the price to break through it failing.
Investors are ready to watch the price make a rally after the initial bullish signal with the price above the Moving Average 50 (MA50) support level on the 1-hour time frame on the AUD/USD chart.
However, the situation changed slightly when the price dropped back below the MA50 level in the Asian session this morning.
However, the price is still holding above the 0.65000 level which was also a price support zone at the end of last week's trading.
If analysts' predictions for a strengthening US dollar are correct, prices are expected to plunge lower this week to record new lows.
The target is to head up to around 0.63700 for the latest 6 month record low.
But if the opposite happens, ie the US dollar experiences a significant decline, the price will jump above the 0.65500 zone again and be ready to soar higher.
The RBS (resistance become support) zone of 0.66400 will be the focus to be tested before the increase continues towards the resistance at 0.67000.
