The Australian dollar moved back up until the New York session yesterday after depreciating in the previous Asian session.
Market sentiment is slowly recovering and market focus is now focused on the US NFP employment data report at the start of tonight’s New York session.
The Reserve Bank of Australia (RBA) today published a meeting minutes report with a forecast of rising economic growth but will maintain a loose policy.
Interest rates will not be raised until inflation reaches target levels, possibly until 2024.
The price movement on the chart of the AUD/USD currency pair rebounded around 80 pips after the decline to the level of 0.77000 yesterday. A rise above the Moving Average 50 (MA50) support level on the 1 -hour time frame of the price movement also still signals for a higher upside.
However, the bullish momentum returned to gloom in the Asian session this morning and even the price showed a decline until trading resumed at the beginning of the European session.
If the price continues to rise higher, the resistance zone at 0.78300 will be tested like last week. The resistance zone has still failed to be broken since early March trading.
The price that manages to pass the zone will record the latest 3 -month high towards the level around 0.79000.
On the other hand, if the price plummets below the MA50 level, the price will head to the RBS zone (resistance become support) at 0.76500.
The decline below that zone will be pushed up to the support zone of 0.75700 which was tested last April.
