It looks like the Australian dollar managed to post a recovery after the negative reaction to the initial impact of yesterday's central bank policy meeting results.
The Reserve Bank of Australia (RBA) met the forecast to keep interest rates at 4.10%, seeing the Australian dollar continue to experience depreciation initially.
However, continuing to the European session showed a different situation when the AUsie dollar managed to rise again to strengthen.
This is because market analysts still expect the RBA to further tighten monetary policy with an expected interest rate hike at the August meeting.
The Australian economic data that will be published later will be evaluated to support the projection.
On the price chart of the AUD/USD pair yesterday, the price was seen to drop momentarily to the level of 0.66400 as soon as the market knew the interest rate decision.
However, the price went up again until it finally managed to reach the concentration level of 0.67000 which became the resistance when making the price.
The price rebounding from the support level of the Moving Average 50 (MA50) on the 1-hour time frame on the AUD/USD chart still supports expectations for an upward movement in price.
For expectations on the rising pattern if it continues, the price that crosses the 0.67000 level will continue its climb towards the SBR (support become resistance) zone at 0.67600.
Rising higher after showing a clear bullish movement, can reach 0.68300 to the height of 0.69000.
However, if the 0.67000 level remains an unbreakable resistance, the price is likely to fall back lower than yesterday's temporary decline.
Further declines will test the support zone at 0.66000 which was hit in June's closing trade last week.
