FXstreet.com (Barcelona) - Australian Dollar has been following a sharp appreciation against the Dollar, favoured by the increase on commodity prices and the interest rate differential with its American counterpart.
The Aussie has been growing continuously from 0.6420 (Mar 9 low) to a maximum level of 0.7095 on Tuesday's Asian session; the pair seems supported by moving averages in hourly and 3 hour charts, although it has entered overbought territory on daily charts.
AUD/USD has eased back somewhat on Tuesday after having hit a seemingly important resistance at the 0.7100 area. According to the E-Forex team, uptrend remains stable above 0.6850 (Feb 9 high): Uptrend will remain stable as long as support at .6850 is intact. Breaching the barriers at .7135 and .7265 will be a difficult task but a sustained break above the said levels will fully confirm the medium term bullish momentum.