AUDUSD Reacting to Dovish Reserve Bank of Australia’s Minutes

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The market is moving within the ascending yellow channel. After the price rebound from the upper wall, we saw a gradual pair decline in the central zone of the yellow channel.

Given that the price is well below the moving average, it can be concluded that bears may have great potential to continue to push the price down. Thus, during the next trading week, we can see a decline to the support level of 0.671, which is on the lower yellow bound.

There is an alternative scenario too. After a small rise and a break above the red line of the moving average near the level of 0.683, the way to the resistance level of 0.695, which is on the upper yellow bound, may open for bulls.


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