Market movements at the beginning of this week are expected to be slow due to public holidays in the United States (US) in conjunction with President's Day with banks also closed.
The US dollar, which was previously expected to continue further strengthening, is likely to move gloomy for a while at the beginning of the week.
This will give room for other major currencies to breathe again and rise again.
However, be careful if the US dollar continues to strengthen following the market still sees the tendency for the Federal Reserve (Fed) to maintain monetary policy tightening.
As with the price chart of the AUD/USD currency pair, the upside is likely to show again after the surge in prices at the close of trading last week.
Last Friday, the price dropped to 0.68100 and hit a new 6-week low.
However, in the last trading session of the week, it saw a rebound up to the level of 0.68800 and closed trading around that.
Continuing the trade at the opening of the week in the Asian session this morning, the price is seen continuing to rise above the Moving Average 50 (MA50) support level on the 1-hour time frame on the AUD/USD chart for an initial signal of bullish movement.
Until the beginning of the European session, the price tested the concentration level of 0.69000 which is one of the important zones for the price.
If it manages to jump far from the 0.69000 level, the increase will continue towards the resistance zone at 0.7000.
On the other hand, if it fails to stay above the 0.69000 level, the decline is likely to happen again to the lowest level reached last Friday.
The continued decline is seen to lead to the initial target around 0.67600 or continue to reach the 0.67000 level.
