As one of the currencies sensitive to changes in current market sentiment, the Australian dollar has exhibited attractive price volatility after the decision of the Australian central bank policy meeting earlier this week.
After the Reserve Bank of Australia (RBA) announced a downgrade to its latest lows as well as monetary policy easing, the Aussie dollar showed a bearish reaction but only temporarily.
The value of the Aussie dollar then surpassed the US dollar, which was depreciating ahead of the 2020 US presidential election.
On the price chart of the AUD / USD pair can be seen the price jumped from the support level of 0.70300 to the resistance zone around 0.70800 on Tuesday.
However, on Wednesday as the election vote count began, the strengthening US dollar pushed prices back to test the RBS (resistance become support) zone at 0.70800 in yesterday's Asian session.
However, the drastic movement did not end so far before the price rebounded to a higher level despite not reaching the previous high at 0.72200.
Trading in today's Asian session slowed below the 0.72000 level while investors remained wary of various election-related speculations hovering in the market.
The price increase is expected to reach the resistance zone 0.72400 before reaching the main resistance zone at 0.73000.
However, if prices return, the support levels as in the RBS zone of 0.70800 and 0.70000 will be seen among the next target destinations.
