The Australian dollar received a positive reaction in the Asian session market influenced by the decision of the Australian Central Bank monetary policy briefing earlier.
The Reserve Bank of Australia (RBA) left the utility rate unchanged at 0.10% as expected, but a slight change in the RBA's reality has changed the perception of investors.
The fact that the previous RBA was seen as passive was slightly changed, which was seen in a more hawkish direction, as well as giving the impact of increasing the value of the Aussie dollar in the market.
In the price chart of the AUD/USD currency pair, the price finally managed to break through the resistance zone at 0.75500 after the increase since 2 weeks ago was blocked in this zone.
In trading early last week, the price has signaled for a bullish trend movement where the price is moving above the support level of the 50 Moving Average (MA50) on the 1 hour time frame.
The price increase however remains blocked at the 0.75500 resistance zone.
Continuing with today's trade, the price finally managed to break through the barrier to continue the movement in the bullish trend.
The price increase is seen to be testing the high level at 0.76500 which is the pedestal zone in mid-2021 trade.
However, investors still need to be on the lookout for the possibility that a decline in prices may follow as market sentiment returns to its original riskiness and may prompt a strengthening US dollar and pressure for the Aussie dollar.
If the price decline takes effect again, the level of 0.75500 which was a barrier for the previous price, may be a support level for the price to increase again.
However, if the price continues to decline lower, the level around 0.74500 is seen as a target for the price to test before falling lower towards around 0.73600.
