The Australian dollar showed positive movement in the Asian session this morning (Tuesday) as the market briefly focused on the published minutes of the Australian central bank meeting.
Examining the details of the report, the Reserve Bank of Australia (RBA) outlined the need to raise interest rates again after maintaining them at the latest meeting in early August.
However, the move must be evaluated based on the latest economic data that appears.
On the price chart of the AUD/USD currency pair, the price increase has been shown again this morning after a bearish pattern has been shown since the end of last week.
The previous drop in prices was driven by the strengthening factor of the US dollar after the United States (US) inflation data showed a rise again, pushing the Australian dollar lower.
In addition, the risky market sentiment will give an advantage to the US dollar while the Aussie dollar will receive a negative impact.
At the opening of the early week yesterday, the price hovered at the 0.64600 support zone before the rise in the Asian session this morning has crossed the Moving Average 50 (MA50) barrier level on the 1-hour time frame on the AUD/USD chart.
The price increase is seen to go towards the 0.65400 level and test the resistance for the price before the increase continues to the level around 0.66000.
For a sustained bullish movement, the price can reach up to the 0.67000 level.
But if the price increase in the Asian session is only temporary, the price decrease should be expected to continue again testing the 0.64600 support zone.
If it breaks through, the price can go down to around the 0.63700 level and record the latest 9-month low.
