FXStreet (Mumbai) – The Australian dollar recovered lost ground and jumps versus its American counterpart in the mid-European trades, driving AUD/USD to fresh session highs beyond hourly 100-SMA at 0.7108.
AUD/USD eyes Monday’s high
Currently, the AUD/USD pair trades 0.32% higher at fresh session highs of 0.7122, extending the recovery from 0.7073 lows reached in early Europe. The Aussie caught fresh bid tone near 0.7080 region and embarked upon a solid recovery thereon, now climbing higher in a bid to surpass Monday’s high posted at 0.7133.
The AUD/USD pair found renewed buying interest after the resource-linked Aussie was boosted by the recovery seen in copper prices. While steadying oil and gold prices also offered some support to the Aussie. Copper prices on COMEX rebounded sharply from multi-year lows struck today at 2.066 and erased most losses to trade around 2.11 levels.
Moreover, the US dollar trimmed gains against its major peers ahead of the crucial US inflation report due later today, which further added to the upside in AUD/USD.
AUD/USD Levels to watch
The pair has an immediate resistance at 0.7133 (Nov 16 High), above which gains could be extended to 0.7181 (100-DMA) levels. On the flip side, support is seen at 0.7080 (Nov 16 Low) from here it to 0.7056 (Nov 11 Low).
(Market News Provided by FXstreet)