RBA Meeting Passes, AUD/USD Continues Upward Towards $0.6700


The Australian dollar has been trading well since the results of the Australian central bank's policy meeting were announced earlier in the week.

Although the Reserve Bank of Australia (RBA) kept interest rates unchanged and did not give any recent hawkish signals, the value of the country's currency remained positive.

The RBA has not indicated any plans to cut interest rates and does not see a rate hike as necessary at this time.

As the movement of the US dollar remained weak since the beginning of the week and the United States (US) market closed yesterday, the Aussie dollar took advantage of the space to continue its gains.

However, the price movement on Wednesday yesterday was seen to be limited while the latest data at the end of the week will be given attention.

Investors are looking at the changing price pattern on the AUD/USD currency pair chart this week which indicates a price recovery.

If in the past week, the price has displayed a decline testing the concentration zone around 0.66000, but the opening of the beginning of this week shows a bounce that occurred.

After the RBA meeting on Tuesday, the increase has continued until yesterday Wednesday the price reached around 0.66770.

The level is seen as a small resistance for the price which was also tested in the Asian session this morning before the price retreated slightly towards the opening of the European session.

The price is seen to test the support line of the Moving Average 50 (MA50) on the 1-hour time frame on the AUD/USD chart for investors to assess the indication of the direction of further price movement.

In the event of a rebound, the bullish pattern is likely to continue further with a target to approach the 0.67000 resistance zone.

If the zone is successfully crossed, the latest high level will be recorded for the 5-week trading period.

However, if on the contrary a decline occurs, a drop below the MA50 support line will expect pressure to make the price to a lower level.

The decline in price could reach around 0.66000 again as an important support zone that has been the focus of recent trading weeks.