AUD/USD Drops Briefly Before Resurging to $0.6700

<p>&nbsp;It looks like the Australian dollar managed to post a recovery after the negative reaction to the initial impact of yesterday's central bank policy meeting results.</p><p><br /></p><p>The Reserve Bank of Australia (RBA) met the forecast to keep interest rates at 4.10%, seeing the Australian dollar continue to experience depreciation initially.</p><p><br /></p><p>However, continuing to the European session showed a different situation when the AUsie dollar managed to rise again to strengthen.</p><p><br /></p><p>This is because market analysts still expect the RBA to further tighten monetary policy with an expected interest rate hike at the August meeting.</p><p><br /></p><p>The Australian economic data that will be published later will be evaluated to support the projection.</p><p><br /></p><p>On the price chart of the AUD/USD pair yesterday, the price was seen to drop momentarily to the level of 0.66400 as soon as the market knew the interest rate decision.</p><p><br /></p><p>However, the price went up again until it finally managed to reach the concentration level of 0.67000 which became the resistance when making the price.</p><p><br /></p><p><br /></p><p>The price rebounding from the support level of the Moving Average 50 (MA50) on the 1-hour time frame on the AUD/USD chart still supports expectations for an upward movement in price.</p><p><br /></p><p>For expectations on the rising pattern if it continues, the price that crosses the 0.67000 level will continue its climb towards the SBR (support become resistance) zone at 0.67600.</p><p><br /></p><p>Rising higher after showing a clear bullish movement, can reach 0.68300 to the height of 0.69000.</p><p><br /></p><p>However, if the 0.67000 level remains an unbreakable resistance, the price is likely to fall back lower than yesterday's temporary decline.</p><p><br /></p><p>Further declines will test the support zone at 0.66000 which was hit in June's closing trade last week.</p>