FXstreet.com (Barcelona) - The Aussie has risen back during the European morning against the Greenback from 0.8563 to test 0.8600 level. AUS/USD bounced at its intra-day low coming from its 100 pips decline from 2009 highest level at 0.8660.
Currently the pair is trading around 0.8610 recovering almost all of its previous losses from opening price action and posting 0.10% daily decreases.
Oil barrel is sliding today's session to trade just below 71.00, falling 0.30% from opening price. Gold is declining too, trading close to 995.00 after falling 0.40% so far today from opening price action.
Peter Rosentreich, analyst at AMC comments: The AUD continued its rise against the USD crossing 0.8600 boosted by rising Gold on US Dollar weakness as well as on inflation outlook. The GBP/USD moved up to a high of 1.6580 on industrial production data from the UK which showed a rise of 0.5% for the month of July as against expectation of 0.2%. Also helping the Pound was the GDP estimate showing a reading of 0.2% for August.
According to the Oil N' Gold Team, Crude oil is now at important medium term trend line support: Crude oil's break of 71.60 resistance suggests that fall from 75.0 is merely a correction in the larger rally and should have completed at 67.34 already. Intraday bias is turned back to the upside and further rise should now be seen to 75.0 first and then long term fibonacci resistance at 76.77 (38.2% retracement of 147.27 to 33.2). ON the downside, below 68.96 will in turn suggest that fall from 75.0 is still in progress and break of 67.43 will target 65.23 support next.