FXstreet.com (Sydney) - The Aussie rose sharply today and is trading at 0.9169. The Aussie has recovered lost ground to the USD following negative news from Dubai late last week. The pair maintains support at 0.9126, resistance at 0.9195 and is considered slightly bearish.
The AUD rose as the United Arab Emirates' central bank announced that it would support debt-ridden Dubai World. Dubai World had announced that it would defer repaying debt for six months. The offer of help sparked an appetite for risk, benefitting the AUD.
Dubai World, the government's holding company owns strategic global assets including running half of Australia's ports.