The Australian dollar managed to keep up against the US dollar since last week reaching a 5-week high of 0.78000 on Tuesday.
On the AUD / USD pair price chart, you can see a series of price increases from the support level of 0.75700 from early February until this week.
However, Tuesday's trading, which also reached its highest level, also showed signs of a reversal trend.
The price is moving below the Moving Average 50 (MA50) barrier level on Wednesday trading with the daily low reaching below the level of 0.77300. But prices rose again to close New York session trading higher.
Continuing the trading session of the Asian session on Thursday morning, the price was seen testing the MA50 barrier but still did not manage to break through it until the beginning of the European session.
The focus is on the January Australian employment data report published with a still low growth rate of around 29,100.
However, the unemployment rate in Australia recorded a decrease to 6.4% lower than expected decline to 6.5% from 6.6% of the previous reading.
However, the report failed to stimulate the Aussie dollar with the expectation that prices will continue to decline in the next session.
A lower price drop is expected to head towards the support zone around 0.76700-0.76500.
If the price manages to make a rise above the MA50 barrier, the resistance zone 0.78000 will return to the price.
Investors will also monitor US dollar sentiment which is seen to be driving the price movement in the market.
