FXstreet.com (Jakarta) - The AUD/USD broke the 0.70-area resistance and rallied on Thursday as Australia's February trade surplus unexpectedly widened and risk appetite increased.
The positive Australian trade data added to optimism the worst of the world recession may be abating. After breaking its downtrend, the AUD/USD is trading in a positive trading channel.
There is resistance around the January 7 high of 0.7268 and from the upper trading band in the 0.75 area. Supports exist in the 0.70 area and the 0.68. We are long the pair and moved up the stop to 0.6775, said Hans Nilsson, analyst at CMS Forex.