The bullish trend on the price chart of the AUD/USD currency pair is assessed to have ended by analysts after the price started to show a bearish pattern again.
Last week, prices managed to continue rising to higher levels even as the US dollar was seen as having the potential to put pressure on the Aussie dollar in a volatile market environment amid fears of a Russia-Ukraine war crisis.
However, the US dollar, which managed to dominate again earlier this week, has pushed prices back to lower levels again from the latest 4 -month high reached yesterday.
Prices made gains in the Asian session starting yesterday at the opening of trading earlier this week touching the 0.74400 high before plunging 100 pips all the way to the New York session with the US dollar re -strengthening in a risky market environment.
Over the past week, the upside was supported by the Moving Average 50 (MA50) support level on the 1 -hour time frame before the decline displayed yesterday had broken that level to signal a bearish trend change on the AUD/USD chart.
The decline that continued today (Tuesday) as far as the European session has returned to the level of 0.72800 which is the zone that was the price resistance in February trading.
A lower decline is expected for the price to fall testing the previous focus levels at 0.72300 and 71800.
However, if the price increase like last week continues, then the high level of 0.74400 will be the main price target zone.
The higher rise will continue to record the latest highs again with the latest target likely heading around 0.75000.
However, the price increase is slightly difficult to anticipate as the current price trend is seen to continue the decline in a market environment that remains risky this week.
