Wednesday, 12 October 2011

Forex: AUD/USD gains 2 percent on the day (Córdoba) - The Australian Dollar gathered renewed momentum after a consolidation phase just below 1.0140 and stretched to fresh highs versus the Greenback during the American session, helped by higher stocks and commodity prices.

AUD/USD broke above previous daily highs and extended gains toward a fresh peak of 1.0176 before easing slightly. At time of writing, the Aussie is quoting around 1.0150/60, printing a 2.1% gain on Wednesday.

"While above 1.0100 we see good chances of a further rise to 1.0220-50 in the coming sessions. The pair is looking strong now and a pull back below 1.0100 could find Support near 1.0000", said the Kshitij Consultancy Services Team. "A strong break below 1.0000 will have to be seen now to bring back the downside pressure on the pair once again".

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