The price chart of the AUD/USD currency pair has shown a different movement pattern this week as changes have occurred in the trading of the US dollar currency.
If previously the Australian dollar strengthened with a surprise interest rate hike by the Australian central bank, this week the US dollar is seen to dominate the situation and drown the previous excellent performance of the Australian dollar.
The Federal Reserve (Fed) which signaled an increase in interest rates after this has returned the attraction to the US dollar currency in the currency market.
Although somewhat mixed, the US dollar is still seen to be putting pressure on the Aussie dollar until the end of the week.
On the AUD/USD chart, the bullishness shown has reached the 0.69000 level last week, recording a 4-month high.
However, the price pattern changed this week which showed a fall again and so far this evening's European session, the price has dropped to around 0.67000.
Price movement remains below the Moving Average 50 (MA50) barrier on the 1-hour time frame on the AUD/USD chart, projecting a continued bearish trend.
If the situation remains unchanged, the price could slide further lower after crossing 0.67000.
The RBS (resistance become support) zone of 0.66400 will be the price focus on the decline that continues in these final sessions.
However, if there is a rebound in price, the SBR (support become resistance) zone at 0.67600 will be the price target, and the MA50 barrier will also be tested.
If it breaks higher, the price will rise again to around 0.68300 before resuming the climb to the peak of 0.69000 reached last week.
