FXstreet.com (Barcelona) - AUD/USD has been trading in a narrow range between 0.9120 and 0.9155 during the European session in a consolidation mode after the last bullish movement. Aussie has been testing the 14-month high at 0.9155 but in the last hour, pair has broken down channel to test 0.9100 level ahead the American opening bell.

Currently the pair is trading around 0.9115/25, 0.30% above today's opening price action at 0.9090.

TJ Marta, analyst at The Overnight Express, comments the recent highest level since August 2008: New high since Aug '08. AUD/USD (0.9145) is up overnight and traded another new high since Aug '08. Technical resistance for AUD/USD exists at 0.9156 (Oct 14 high) and 0.9275 (May '08 low). Support lies at 0.8859 (Oct 1 high), 0.8570 (Oct 2 low), 0.8545 (Sep 14 low) and 0.8478 (Aug high). AUD/USD has correlated most strongly with equities (S&P 500, positive) and commodities (CRB, positive). The correlation with gold (positive) is slipping.