26 Mar 2015
AUD/USD hits fresh highs above 0.7880 on higher commodities
FXStreet (Mumbai) - AUD/USD reversed its previous losses and jumped to fresh highs in the European session, as rising commodity prices and persistent USD weakness continues to lift the Aussie.
AUD/USD bounced-off 0.7800
Currently, the AUD/USD trades higher by 0.45% at 0.7878 levels, having posted fresh session highs at 0.7884 few minutes ago. The Aussie reversed its downside bias and edged higher during this session as the resource-linked Australian dollar largely benefits from rising gold, copper and crude oil prices. Moreover, the ongoing US dollar sell-off across the board also supports the rally in AUD/USD.
Earlier in Asia, the Aussie was hammered following Investment bank Citi Group’s downgrade of forecasts for the Australian economy, saying that they expect GDP growth of 2.4% this year instead of 2.7%, citing weak consumer spending, and slower corporate profit growth. The investment bank also lowered its CPI projections by 0.6 percentage points on Thursday to 1.9% this year.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7900 levels, above which gains could be extended to 0.7940 levels. On the flip side, support is seen at 0.7836 levels from here it to 0.7801 levels.
AUD/USD bounced-off 0.7800
Currently, the AUD/USD trades higher by 0.45% at 0.7878 levels, having posted fresh session highs at 0.7884 few minutes ago. The Aussie reversed its downside bias and edged higher during this session as the resource-linked Australian dollar largely benefits from rising gold, copper and crude oil prices. Moreover, the ongoing US dollar sell-off across the board also supports the rally in AUD/USD.
Earlier in Asia, the Aussie was hammered following Investment bank Citi Group’s downgrade of forecasts for the Australian economy, saying that they expect GDP growth of 2.4% this year instead of 2.7%, citing weak consumer spending, and slower corporate profit growth. The investment bank also lowered its CPI projections by 0.6 percentage points on Thursday to 1.9% this year.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7900 levels, above which gains could be extended to 0.7940 levels. On the flip side, support is seen at 0.7836 levels from here it to 0.7801 levels.