The European session saw the US dollar continue to trade against other major currencies with commodity currencies such as the Australian dollar, New Zealand dollar and Canadian dollar moving stronger.
The market risk-on sentiment was backed by a Biden administration report nominating former Federal Reserve (Fed) chairman Janet Yellen for the post of U.S. Treasury Secretary, which is seen to further strengthen the country's financial management.
In addition, US economic data released yesterday has been the trigger for the strengthening of the US dollar but there are expectations that these factors will drive a reduction in economic stimulus packages.
It can be seen that the current price movement shows a significant increase in the price following the depreciation of the US dollar as on the AUD / USD pair chart.
The price increase continued until the European session has successfully penetrated the resistance zone 0.73300 which has been the price resistance since last September's trade.
The price is likely to return to re-test the level of 0.73300 which is the RBS zone (resistance become support) price before the rise continues higher.
The next target level of the price is at the resistance of 0.74000 which was tested in early September but failed to break the price.
If the downside occurs below the 0.73300 level again, the nearest support level is seen around 0.73000 before the lower decline will lead to the support level of 0.72200.
