The rebounding market sentiment will also restore the pressure faced by other major currencies in the market earlier with the US dollar starting to move weaker again.
While still on high alert, investors reacted positively to the development of the Russian and Ukrainian crises that have begun to order for troops to withdraw from the border.
Thus commodity and high -yielding currencies such as the Australian dollar are seen to be poised to rise higher with the previous US dollar pressure fading.
As observed on the price chart of the AUD/USD pair, the price managed to withstand a lower decline below the 0.71000 level after the decline that occurred earlier in the week.
The decline seen on Tuesday also saw the 0.71000 level become support for the rebound price to rise again.
Until the resumption of Wednesday's trading, the price gave an early signal for a bullish trend after successfully passing the Moving Average 50 (MA50) barrier level again in the 1 hour time frame of the price movement.
The rise continued in the European session this afternoon towards the resistance zone at 0.71800.
The expectation for the next price increase is at 0.72300 or higher to the level around 0.72800 to record the latest 5 -week high.
Yet if the US dollar strengthens again and puts pressure on the Aussie dollar, the price support zone at 0.71000 will be tested again.
The lower decline is likely to reach up to the level of 0.7000 or support 0.69700 for a bearish trend of the price.
For the AUD dollar, the market will focus on the Australian jobs data report to be published in the Asian session tomorrow (Thursday).
