25 Feb 2015
AUD/USD rallies to fresh 4-week highs, just shy of 0.7900
FXStreet (Mumbai) - AUD/USD jumped to fresh four-week in the late-Asian session, extending gains from the previous session, after Chinese factory activity expanded for the first time in three months, raising hopes that a slowdown in China's economy has moderated.
AUD/USD hovers near highs
Currently, the AUD/USD trades higher by 0.74% at 0.7889 levels, having posted fresh four week highs at 0.7892 levels, on its way to 0.7900 levels. AUD/USD edged higher largely on Chinese factory turnaround after Chinese manufacturing gauge hit a four month high in February indicating signs of revival in Chinese external demand. 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 0.7900 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 hovers near highs
Currently, the AUD/USD trades higher by 0.74% at 0.7889 levels, having posted fresh four week highs at 0.7892 levels, on its way to 0.7900 levels. AUD/USD edged higher largely on Chinese factory turnaround after Chinese manufacturing gauge hit a four month high in February indicating signs of revival in Chinese external demand. 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 0.7900 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.