Commodity currency also took advantage of opportunities in trading this week to solidify the following fall in the value of the US dollar since the beginning of the week.
The Australian dollar is again showing off its recovering performance after slumping last week with price increases as shown in the chart of the AUD / USD currency pair.
Market risk-on sentiment will push the Aussie dollar to the highest level this year reached in January while the US dollar will continue to be under pressure.
The rise in prices on the AUD / USD chart is seen to have started at the end of last week again after the breeders served the level of price movements throughout the week.
Following the United States (US) NFP jobs report which saw the data reading less stimulating and weakening US dollar trades, prices have surged higher and cleared the 0.76500 hurdle.
Also at the beginning of this week, the price started to increase from the price zone and so into the Asian session this morning (Wednesday), the price has moved into the higher resistance zone around 0.77400.
It is hoped that the increase in the price will continue to the level of the original 0.78200 level. This parity was reached by prices at the end of January before prices moved lower.
If the price continues to decline, the Moving Average 50 (MA50) support level for the 1 hour period will support the price to continue the original increase.
If prices continue to dip lower beyond the MA50 barrier, investors will be wary of signs of changing price trends.
The decline will revert back to the support zone such as 0.76500 and also to the support zone 0.75700 which was broken early last week.
