While the sentiments of the 2020 US Presidential election still have a volatile impact on the market, soaring US stock markets have supported the recovery for commodity currency trading such as the Australian dollar and the New Zealand dollar.
The Australian dollar continued to strengthen until trading yesterday after an Australian central bank meeting earlier this week was seen to put pressure on the currency.
With the depreciation of the US dollar in the market, investors have exhibited significant price increases on the AUD / USD pair chart to record the latest 6-week high.
In Thursday's trading yesterday, the price has recorded a daily jump around 140 pips almost touching the high level of 0.73000 in the resistance zone.
The surge has also surpassed the price high on election day above the 0.72000 price level.
With expectations for the US dollar to remain flat ahead of the US NFP job data report in the New York session shortly, prices can be expected to continue to rise above the 0.73000 resistance zone.
If market sentiment changes, the decline in prices is seen to return to test the RBS zone (resistance become support) 0.72000 and also 0.71800.
A lower drop below the Moving Average 50 (MA50) support level on the 1-hour time frame on the AUD / USD chart will also begin to signal a bearish price trend.
