Most of the major currency pairs' price charts have experienced a change in price direction heading into the end of the week including the AUD/USD chart.
The price has changed direction to make an increase again after a bearish pattern was displayed from the beginning of the week.
The Australian dollar began to take advantage of the opportunity to strengthen when the US dollar had lost its strength with market concerns being directed to the risk of a 'government shutdown' in the United States (US).
Analysts see profit taking activity among market players at the end of the third quarter of 2023, in addition to the US dollar also being affected by the release of US economic growth data which remains low and misses compared to the forecast to increase.
On the AUD/USD chart, the previous decline had reached the 0.63300 level before a rebound in prices occurred on Thursday yesterday.
The price breaking through the Moving Average 50 (MA50) barrier on the 1-hour time frame on the chart suggests a bullish trend change to occur.
The price increase reached the level of 0.64300 in the New York session and the momentum continued today (Friday) with the increase until the opening of the European session having reached around 0.64700.
With the displayed pattern, the price increase is seen to reach 0.65000 in addition to testing the resistance zone like the situation that happened in the previous week.
If it manages to continue climbing higher, the 0.64500 level is seen as the next target to reach in addition to recording the latest 7-week high.
But it is also not impossible for the price to go back down again if the situation in the market changes.
The decline is expected to close around 0.63700 before retracing this week's low of 0.63300.
Resuming the previous bearish trend, the decline will continue towards the next target at the important zone of 0.63000.
