FXstreet.com (Barcelona) - The AUD/USD has been traded between the 0.6940/0.7000 band since the beginning of the European session on several attempts to break the 0.7000 strong resistance.
AUD/USD is still under 0.7000 level in the early American session despite comoditties and oil high prices who could support the AUD increases.
Currently, the AUD/USD is trading around the 0.6975/95 after it has risen from the 0.6930 in the early American session. Today, the pair has reached a new ten weeks high at 0.7004 in the early European morning.
According to the Oil N' Gold analyst team, Dollar's Weakness Continues To Suppot Commodity Prices: Oil price remains strong in European morning as driven by rallies in stock markets. Sentiment has improved significantly after central banks around the world showed efforts to revive the economy. Currently trading at 52.5, the May futures should trade firmly above 50 in the neart-term. However, we doubt if it can head for 60 without much volatility as investment demand has grown since last week. Any bad news, such as another week of inventory gain, will trigger profit-taking. The dollar's weakness continues to support gold. After the 3% intraday decline after the Fed's asset buying plan, the USD index's outlook remains bearish. Today, the index dropped 0.5% further to 83.31.