It seems that the price chart of the AUD/USD currency pair is seen resuming the previous bullish trend movement after displaying a bearish pattern at the beginning of the week.
At first the price made a decline from the 0.71000 zone until it reached the 0.70000 concentration zone.
Successfully functioning as a support for prices, the increase can be observed again until a clearer signal is evaluated after the FOMC meeting early this morning.
Examining the results of the meeting, the Federal Reserve (Fed) decided to slow down policy tightening by raising interest rates by 25 basis points, lower than the previous increase of 50 basis points.
Fed President Jerome Powell also gave somewhat dovish comments indicating that low interest rate hikes will be maintained for some time while monitoring the decline in inflation.
Like other currencies, the Aussie dollar also took advantage of the US dollar's weakening situation to rise higher towards the end of this week's trading.
Investors were prepared with an early bullish signal on the AUD/USD chart yesterday as the price has started to move above the Moving Average 50 (MA50) support level on the 1-hour time frame.
After the FOMC meeting, the price finally broke through the 0.71000 resistance zone and until continuing into the Asian session this morning (Thursday), the price has reached a recent high around 0.71500.
Exceeding last week's high, the price has set a new high for an 8-month trading period.
The target for a higher rise that is expected to continue is to test the 0.71800-0.72000 resistance.
Next, the increase will continue towards 0.72300 to continue to record the latest high level.
However, if the downward pattern is displayed again, the price will retest the 0.71000 zone and it is possible that an attractive price reaction will be displayed.
If it drops lower, the price is seen to return to the 0.7000 zone that was hit at the beginning of the week with a signal of a trend change.
