Forex: AUD/USD hits 3-month high above 1.0700

FXStreet Team FXStreet

FXstreet.com (CÃ³rdoba) - The Aussie and other currencies linked to commodities recovered from early losses against the Dollar and reached fresh highs after stronger-than-expected manufacturing activity around the world triggered a risk-on rally.

AUD/USD rose more than 140 pips from lows, climbing above previous weekly highs and the 1.0700 mark to hit its highest since Oct 31 at 1.0712 so far. At time of writing, AUD/USD is quoting around 1.0700/10, up 0.8% on the day.

"Acceleration above 1.0700, will likely trigger a stronger bullish continuation towards next strong resistance area, around 1.0760", said Valeria Bednarik, chief analyst at FXstreet.com. "While immediate support is located at 1.0635, only below 20 SMA currently around 1.0610 in 4-hour chart, the pair may lose strength and turn back lower towards 1.0540/70 price zone"

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FXStreet

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