RBA Minutes Scrutinized, AUD/USD Chart Continues Climb!

<p>&nbsp;After successfully displaying an increase at the end of last week against the US dollar, the Australian dollar currency has managed to display a rising pattern for 3 days in a row.</p><p><br /></p><p>The focus at the beginning of this week was directed to the report of the minutes of the Australian central bank meeting which was seen to have had a positive effect on the Australian dollar in the Asian session this morning (Tuesday).</p><p><br /></p><p>Previously, the Reserve Bank of Australia (RBA) decided to raise the interest rate to 4.35% at the November meeting after the rate was maintained at 4.10% for the previous 4 meetings.</p><p><br /></p><p>Examining the details of the minutes, the RBA sees the risk of inflation rising if interest rates are not raised.</p><p><br /></p><p>Whether the move to raise interest rates will continue or not depends on the reading of the latest economic data as well as the assessment of economic risks.</p><p><br /></p><p>The meeting members agreed that the current rate is still low compared to most other countries.</p><p><br /></p><p>Looking at the price chart of the AUD/USD currency pair, the price managed to surge in the Asian session yesterday opening the early week trading well.</p><p><br /></p><p>The rise managed to break through the 0.654000 resistance before the price flattened above that zone in the European session and the New York session.</p><p><br /></p><p><br /></p><p>Reacting to the minute report in the Asian session this morning, the price continued higher to around 0.65850 before retreating slightly at the market opening of the European session.</p><p><br /></p><p>The price is expected to continue its rise to test the resistance at the 0.66000 high while continuing to record a recent 3-month high.</p><p><br /></p><p>If it breaks through that level, the next target for the price is to reach up to around 0.67000.</p><p><br /></p><p>However, if the price decline begins to show below the 0.65400 level again, this will give an early sign for a change in the price trend.</p><p><br /></p><p>A continued decline lower will test the 0.65000 level before continuing the bearish trend towards around 0.64500.</p>