The bullish pattern continues on the chart of the AUD/USD currency pair from last week continuing until this week's trade which will be the close for 2023.
Like the movements of other major currencies, the Australian dollar took advantage of the weakening US dollar to climb to a new high to record a 5-month high.
Despite the lack of economic data published for the last week, the market movement remains driven by the continued depreciation of the US dollar this week with the expectation of the Federal Reserve (Fed) to switch to policy easing in 2024.
Examining the price chart of the AUD/USD currency pair, the 0.69000 resistance level was previously tested in June and July trades, but the price failed to break through it.
After that the price plummeted with the lowest level reached in October around the 0.63000 zone.
If observed, the price increase that continued until this week is seen to be heading back to the 0.69000 resistance zone.
As of the Asian session this morning (Thursday), the price has reached a height of around 0.68700 before retreating slightly towards the opening of the European session market.
Although slightly down, the price is still seen moving in a bullish trend that is above the Moving Average 50 (MA50) support line on the 1-hour time frame on the AUD/USD chart.
The price increase is still expected to continue to reach the 0.69000 zone today before the price reaction around that will be observed.
If the zone is breached, the price will record its latest 10-month high and reach its highest level since February trading.
However, the risk of the price falling again needs to be taken into account by investors in the event of profit taking activities in the market at the close of trading in 2023.
The price decline is seen to be heading towards around 0.67700 or even lower reaching the 0.67000 zone again.
