Following the dovish FOMC meeting which saw a sharp depreciation of the US dollar, commodity currencies also took advantage of the opportunity to move strongly in the market.
Like the Australian dollar, price movements against the US dollar have increased after moving horizontally since the beginning of the week.
In the Asian session, the focus was on Australian employment data reports with encouraging readings. The increase in employment increased positively and the unemployment rate also recorded a decline.
However, the report was seen as unsuccessful in triggering a surge in the value of the Aussie dollar to continue the gains in the previous session.
The price movement on the AUD/USD currency pair chart saw the price have jumped from the 0.77000 level to the 0.78000 level in the New York session.
Continuing the Asian session, the price continued to rise but was blocked at the resistance zone of 0.78300.
The rally is expected to continue in the next session with the next target heading up to the 0.8000 high.
If the resistance zone of 0.78300 fails to be broken, the price may plunge again and test the support level at 0.77500.
The lower decline will be to the level around 0.76500 which was hit by the price in early March trading.
