6 Jan 2015
AUD/USD jumps on higher gold prices
FXStreet (Mumbai) - The Aussie jumped against the US dollar in the late-Asian session, snapping long run of losses and bouncing-off from 5-1/2 lows hit in the previous session as traders view the recent sell-off as excessive.
Currently, the AUD/USD trades at 0.8147 levels, up 0.79% on the day, nearing the intraday high levels of 0.8151 hit in the early Asian morning. The Aussie rebounded against the greenback largely on the back of rising gold and copper prices as commodities are among Australia’s major exports. Moreover, favourable reports such as shrinking Australian trade deficit data, China’s announcement of stimulating infrastructure growth and solid Chinese services sector growth contributed to the gains in the AUD/USD pair.
In addition, the US dollar’s halt from its recent rally against its major peers also pushed the Aussie higher.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.8186 (Jan 2 High) levels, above which gains could be extended to 0.8217 (Dec 31 High) levels. On the flip side, support is seen at 0.81 levels, from here it to sub 0.8076 (Jan 2 Low) levels.
Currently, the AUD/USD trades at 0.8147 levels, up 0.79% on the day, nearing the intraday high levels of 0.8151 hit in the early Asian morning. The Aussie rebounded against the greenback largely on the back of rising gold and copper prices as commodities are among Australia’s major exports. Moreover, favourable reports such as shrinking Australian trade deficit data, China’s announcement of stimulating infrastructure growth and solid Chinese services sector growth contributed to the gains in the AUD/USD pair.
In addition, the US dollar’s halt from its recent rally against its major peers also pushed the Aussie higher.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.8186 (Jan 2 High) levels, above which gains could be extended to 0.8217 (Dec 31 High) levels. On the flip side, support is seen at 0.81 levels, from here it to sub 0.8076 (Jan 2 Low) levels.