Price movements on the chart of the AUD/USD currency pair remained flat after investors examined the details of the Australian central bank meeting minutes published at the start of the Asian session this morning.
The Reserve Bank of Australia (RBA) has increased the interest rate by 25 basis points to 2.85% at the policy meeting in early November.
Investors are likely to find it difficult to see a clearer direction with the central bank's next statement on monetary policy poised to end tightening, but likely to resume rate hikes depending on circumstances.
Concerns about the surge in borrowing costs also accompany the annoyance at the still high inflation rate in Australia.
Looking at the AUD/USD price chart, after the price leveled off in the 0.67000 zone at the beginning of the week, the slow pattern continued to trade on Tuesday morning.
There was no significant impact on the Aussie dollar after the release of the minutes, price movements are expected to continue to be driven by changes in the value of the US dollar in the market.
However, the price is still moving in a bullish trend supported by the support level of the Moving Average 50 (MA50) on the 1-hour time frame on the AUD/USD chart.
If the rally continues, the 0.67600 zone will be tested before a further move higher is likely to reach around 0.68300 or 0.69000 to record the latest 9-week high.
On the other hand, if the price plunges again below the 0.67000 zone, it will be an early sign of a bearish trend change after the price starts to move below the MA50 support level.
A further drop in price is expected to reach around 0.65400 to test the RBS (resistance become support) zone.
