Forex: AUD/USD holds above 0.9000

Fri, Nov 6 2009, 00:37 GMT
http://www.fxstreet.com

FXstreet.com (Sydney) – The AUD held ground against the USD oscillating in a narrow range between 0.9116 and 0.9089. The pair is currently trading at 0.9101.Resistance can be found at 0.9145 with support in the 0.8920 zone. Likely trend is sideways-up.

In Australia, the economic recovery continues apace prompting the RBA to raise interest rates by 0.25%. The Aussie has shown resilience in the past, unable to deter investors in the heating property market. And while a report by the Australian Industry Group- Housing Industry Association showed that new constructions grew at a weaker rate in October, this did little to deter foreign investors.

AUD/USD

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