Touching on the current market sentiment, China's economic data published in the Asian session just now seemed to clear the mood a little.
In the spotlight is China's economic growth data for the first quarter of 2023 which rose higher than expected while the unemployment rate for March was lower than forecast.
The situation that shows the recovery in the second largest economy in the world is seen to have a weakening effect on safe-haven currencies including the US dollar while the Australian and New Zealand dollars are among the ones that benefit.
In addition, the Reserve Bank of Australia (RBA) which published the minutes of its meeting just now also supported the rise of the Aussie dollar after investors assessed that the interest rate hike would be implemented in April before starting to stop it at the next meeting.
Therefore, it can be observed that there is a price increase pattern on the chart of the AUD/USD currency pair in the Asian session this morning.
In comparison, the price movement was more flat on Monday yesterday around the 0.67000 zone.
The rising price in the Asian session continued in the European session this afternoon and was seen trying to break the Moving Average 50 (MA50) barrier on the 1-hour time frame on the AUD/USD chart for a bullish signal.
The price increase if continued is seen to test the high level reached last week around 0.68000.
Next, the latest high will be recorded if the price bullish trend movement is maintained with the next target heading towards 0.68300 or even higher at the 0.69000 zone.
However, if the price returns to show a dive again and moves below 0.67000, the decline is seen to be towards 0.66200.
Next, an extended decline could reach around 0.65700 which was the price support zone in last March's trading.
