Wednesday, 6 April 2011

Forex: AUD/USD rises above 1.0400, tests historic highs

Wed, Apr 06 2011, 14:20 GMT |

The Aussie rose back above 1.0400 and reached a fresh high at 1.0415. The pair is testing historic highs at the 1.0415 area and a break above would take the Aussie to the highest level since it was allowed to float freely in 1983.

The AUD/USD has been rising since Asian hours and is posting a daily gain of almost a hundred pips supported by risk appetite and rising commodity prices as gold trades at record highs above $1,460 an ounce. Recent gains were enough to erase previous losses; the Aussie finished lower on Monday and on Tuesday but currently is trading above Friday’s closing price.

Resistance levels lie at 1.0415 and 1.0500 while support is located at 1.0370; 1.0340 and 1.0285.

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