FXStreet (Córdoba) – Commodity currencies are outperforming on Tuesday, with AUD/USD climbing to retest the 0.7000 psychological level as investors’ sentiment improved following rebounds in oil prices.
AUD/USD picked up momentum early during the New York session and climbed to a high of 0.7000 and it continues to challenge the psychological level, currently trading at 0.6996, up 0.62% on the day.
In the absence of top-tier data or events, FX pairs continue to take cues from related markets, with oil’s prices among main drivers.
From a wider view, however, AUD/USD remains near multi-year lows scored earlier this month, having lost nearly 500 pips before finding an interim bottom at 0.6826.
AUD/USD technical levels
In terms of technical levels, AUD/USD could find immediate resistances are seen at 0.7030/33 (Jan 25 high/20-day SMA), 0.7045 (Jan 22 high) and 0.7085 (Jan 7 high). On the other hand, supports are seen at 0.6918 (Jan 26 low), 0.6875 (Jan 21 low) and 0.6826 (7-year low, Jan 15).
(Market News Provided by FXstreet)