25 Feb 2015
AUD/USD posts fresh 1-month highs ahead of 0.7900
FXStreet (Mumbai) - AUD/USD remained strongly bid, extending gains from the Asian session, as the currency was buoyed by gold's strength and positive PMI from China.
AUD/USD hover nears highs
Currently, the AUD/USD trades higher by 0.80% at 0.7894 levels, having posted fresh monthly highs at 0.7901 levels. AUD/USD extended gains largely a falling US dollar across the board triggered by Yellen’s dovish testimony last night. Moreover, Chinese factory turnaround in February, indicating signs of revival in Chinese external demand further boosted the AUD. Australian economy is highly dependent on China for its exports.
Moreover, higher precious metal prices and stabilizing oil prices further added to the upside in the Aussie. Continued weakness in the US dollar across the board after Yellen’s comments also pushed the pair higher.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7907 levels, above which gains could be extended to 0.7953 (50-DMA) levels. On the flip side, support is seen at 0.7842 (5-DMA) from here it to 0.7817 (10-DMA) levels.
AUD/USD hover nears highs
Currently, the AUD/USD trades higher by 0.80% at 0.7894 levels, having posted fresh monthly highs at 0.7901 levels. AUD/USD extended gains largely a falling US dollar across the board triggered by Yellen’s dovish testimony last night. Moreover, Chinese factory turnaround in February, indicating signs of revival in Chinese external demand further boosted the AUD. Australian economy is highly dependent on China for its exports.
Moreover, higher precious metal prices and stabilizing oil prices further added to the upside in the Aussie. Continued weakness in the US dollar across the board after Yellen’s comments also pushed the pair higher.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7907 levels, above which gains could be extended to 0.7953 (50-DMA) levels. On the flip side, support is seen at 0.7842 (5-DMA) from here it to 0.7817 (10-DMA) levels.