FXstreet.com (Barcelona) - Commodity currencies have reached their highest levels in months, against the Dollar an seem to be holding quite firmly at such levels, parallel with the appreciation of Gold and Crude prices.
AUD/USD has climbed through 0.7000 level approaching 0.70905 resistance level (Mar 23 high). The Aussie has rallied from 0.6280 low on March 2, and, at the moment advances quite close to mark a fresh 11-week high against the Dollar.
According to the E-Forex Team AUD/USD upside momentum looks strong and higher levels could be seen in the next days: Daily momentum is bullish and more upside action is likely on the upcoming days, aiming towards key upside barriers at .7135/50 and .7250/65. Interim resistance is formed at .7090/00. On the downside, minor support is eyed at .6945/50 backed by .6900 and a more important one at .6850.
NZD/USD is following a similar upside pattern, after having hit a 0.4900 low on March 5, the NZD has appreciated continuously ever since reaching levels close to 0.5800, the highest levels of the last 10 weeks. USD/CAD has dropped from 1.3065 high on March 9 all the way to 1.2190 low reached on mar 23.
In the meantime Gold Prices, which had dropped to a minimum level of 882.15 on mar 18, have recovered reaching 966.60 two days after, and so far, remain above 932.85 resistance level. Crude prices have also appreciated: Brent crude prices have risen 10 dollars reaching $52 per barrel yesterday.