Expectations for a global economic recovery that spurred positive market sentiment have given commodity currencies re -traded upside down.
Investors saw a rebound of the New Zealand dollar and the Australian dollar in the European session yesterday after moving weakly in the previous Asian session.
If we observe the price movement on the chart of the AUD/USD currency pair yesterday, the price that dropped to the level of 0.75300 again made a rise again to the level around 0.76200.
Rising prices that have re -passed the Moving Average 50 (MA50) barrier level in the 1 hour time frame of price movement on the AUD/USD chart give an early signal for a reversal of the bullish trend.
In addition, the significant depreciation of the US dollar due to the decline in US bond yields also supported the daily rise of up to 80 pips yesterday.
The bullish momentum slowed in Friday trading while investors were cautious ahead of the US NFP jobs report as most banks closed in conjunction with the Good Friday celebrations.
The continued rise is seen to test the SBR (support become resistance) zone of 0.76500 before the higher rise will lead to the 0.77500 zone and then to the resistance zone of 0.78000.
If the price makes a decline again, the level of 0.75700 will be the initial level of price support. Next, the support level of 0.75300 which was hit by yesterday's price will be tested again.
A decline in prices will be expected if the US NFP data report is published strong and re -strengthens US dollar trading in the market.
