Market sentiment was reassessed at risk following the downturn in global stock markets with major indices declining.
While in focus is the surge in US 10-year treasury yields which has also supported the appreciation of the US dollar in addition to risk-off sentiment.
High -yielding currencies such as the Australian dollar and the New Zealand dollar again experienced depreciation this week.
As examined on the price chart of the AUD/USD currency pair, investors saw US dollar pressure on the Aussie dollar compared to the previous week.
The price has made a decline from the high level of 0.73100 reached last Wednesday until returning to the 0.71800 zone continued in today's trading (Wednesday).
For Aussie investors, the focus will be on the Australian jobs data report in the Asian session tomorrow (Thursday) which is likely to have an impact on depreciation following the expected decline in the December 2021 job growth figures.
If the report is unsatisfactory, the price will continue to decline lower after passing the 0.71800 zone as the current support zone for the price.
A continued decline will retest the support zone at 0.71100-0.71000 to record the latest 4-week low.
However, if the price rebounds again after flattening above the 0.71800 zone, it will likely give an early indication for a bullish trend change.
The 0.72300 zone will be the resistance for the price increase before the continued rise will make the next targets at the 0.72800 zone and the 0.73100 zone which were the previous focus.
