FXStreet (Mumbai) - AUD/USD extends its bullish momentum into the mid-Asian trades, and trades near monthly highs, as rebounding commodity prices continue to underpin the resource-linked Aussie.
AUD/USD trades above all major DMAs
Currently, the AUD/USD pair trades 0.17% higher at 0.7268, testing fresh four-week highs recorded at 0.7275 on Tuesday. The Aussie extends its recovery from hourly 200-SMA into a second day and now looks for a test of 0.73 barrier amid broad based USD weakness and solid recovery in the commodity prices. Gold prices reverted to $ 1080 while the US oil gains 0.51% and nears $43. Copper prices recover to $ 2.06 on Comex.
However, the Aussie struggles to extend further to the upside amid persisting risk-off trades on rising geo-political worries, with Australia’s benchmark S&P/ASX index losing -0.33% to 5,209.
In the day, ahead, the commodity-currency will continue to track the performance across the commodity space ahead of a flurry of US dataflow, which may bring fresh incentives for the greenback.
AUD/USD Levels to watch
The pair has an immediate resistance at 0.7300 (round number), above which gains could be extended to 0.7330/41 (daily R2/ Oct 16 High) levels. On the flip side, support is seen at 0.7236 (5-DMA) from here it to 0.7203 (1h 100-SMA).
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