The Australian dollar has moved to a two-month trading high against the U.S dollar, hitting 0.7775, as commodity related currencies gain strength across the board. The AUDUSD pair currently trades around the 0.7770 level, underpinned by soaring gold and iron-ore prices, and a much weaker U.S dollar index. After performing multiple daily closes above the key 0.7715 technical level, AUDUSD buyers are now firmly in control of the pair. Traders now look to the U.S markets reaction to rising global commodity prices, and high-impacting macro-economic data from the United States economy.
The AUDUSD pair remains strongly bullish while trading above the 0.7750 technical level. Further upside towards 0.7790 and 0.7824 remains possible.
Should the AUDUSD pair move below the 0.7750 level, sellers are likely to re-test the key 0.7715 technical support level.
