FXStreet (Mumbai) – The bid tone on the AUD strengthened further in the European session along with the rise in commodities, taking the AUD/USD pair above the 50-DMA located at 0.7822.
AUD supported by a rise in commodities
A broad based sell-off in the USD pushed the commodities higher today. Base metals space advanced more than 0.5% today. Iron futures are still moderately weak, however AUD traders ignored weakness in iron ore to advance against the Greenback.
Ahead in the day, the investors would keep an eye on the US data – CPI and weekly jobless claims, while deciding whether to take the pair higher or provide room for correction.
AUD/USD Technical Levels
The pair currently trades at 0.7823. The immediate resistance is located at 0.7838, above which gains could be extended to 0.7874. On the flip side, a break below 0.7822 (50-DMA) could push the pair back to 0.7791.
(Market News Provided by FXstreet)