Market risk-on sentiment provides support for commodity currency trading in the market with the Australian dollar and the New Zealand dollar each recording the latest high against the US dollar this week.
The Australian dollar continued to strengthen its trading value in the Asian session this morning following a positively published Australian employment data report.
The increase in employment for November recorded 90,000 jobs higher than the market expectations of 40,900. Meanwhile the unemployment rate dropped to 6.8% as the market expects the rate to remain unchanged at 7.0%.
Meanwhile, investors are still monitoring the development of trade relations between China and Australia following a number of dispute issues that have potentially affected the market.
On the AUD / USD currency pair price chart, the price has jumped past the resistance zone 0.75700 after the bearish failed to break the Moving Average 50 (MA50) support level in the 1 hour time frame of the price movement.
The price increase continued in the Asian session this morning to around the high level of 0.76000 as early as the opening of the European session thus recording the latest high level since June 2018.
The bullish momentum will continue if the US dollar also remains weak in the market with the next high level seen around 0.76500.
If a price drop occurs, the level of 0.75700 will be the focus again for the price testing the RBS zone (resistance become support).
The decline below the zone again signals a change in the bearish price trend that is about to begin.
