The Australian dollar showed an increase since the beginning of the Asian session this morning continuing the bullish pattern at the market opening earlier in the week.
But the momentum failed to be sustained after the market's reaction to the results of the latest Australian central bank meeting.
The Reserve Bank of Australia (RBA) continued to keep interest rates unchanged at 0.10% and a loose monetary policy and reiterated that rates would not be raised until inflation stabilized at 2-3%.
On the chart of the AUD/USD currency pair, the price which has risen to the level of around 0.77680 resumed receding at the beginning of the European market session.
The Moving Average 50 (MA50) support level on the 1 -hour time frame will be tested after the price managed to break that level yesterday to signal for an uptrend.
If the level manages to support the rise again, it is likely that the price will make a rise towards the resistance zone of 0.78000 which was also tested last week.
The rise in prices will also be driven by the continued depreciation of the US dollar earlier this week with investors wary ahead of the US NFP jobs data report.
However, if the decline in prices after the RBA meeting just now continues, the decline is seen to test the RBS zone (resistance become support) around 0.76700-0.76500 which was also tested last week.
A lower price decline beyond that zone will be pushed back to the support zone in April around 0.75300.
