FXstreet.com (Barcelona) - The Aussie has climbed against the Dollar in the beginning of the European session after testing MA55 hourly level at 0.9280 to rise around 60 pips in the last hour to trade above 0.9300 level, break 0.9320 previous high and hit 0.9342 as fresh highest level since August 2008.

Currently the pair is trading around 0.9320/30, 0.25% above today's opening price action at 0.9302. AUD/USD is extending its advance from November 3 low at 0.8915, rising more than 425 pips in just a week.

Abhishek Goenka, analyst at India Forex Advisors, comments: AudUsd tested the highs of 0.9327 yesterday (as expected) forming a double top pattern. We need a break of this resistance for Aussie to target 0.9410 levels atleast before seeing 0.9500. Initiate shorts around 0.9310 to 0.9340 levels keeping stoploss 0.9410 and target 0.9240. Stochastic is showing overbought region.(Aud - 0.9300) Bullish.