Mon, 02 May 2011 00:47:00 +0200

Forex: AUD/USD hits 1.0990

FXstreet.com (California) - With fewer than 2 hours into the Asian trading session, the AUD/USD has continued its historic ascent into unchartered territory, now trading at 1.0989, 20 pips above its starting price. Minutes ago, the pair stretched above its’ previous weekly high of 1.0976 to set a new at 1.0992.

“There are reported to be significant option barriers at 1.10 but that was also the case at various other levels on the way up,” comments Sean Lee at Forex Live. “Commodity prices keep rising, the USD keeps falling, local interest rates are likely to start heading higher again sooner rather than later and the World Bank gave an optimistic report on China last week. All good reasons for buying AUD.

At the time of writing the AUD/ is under pressure and is now consolidating below the 1.0990 resistance level.

Support Levels: 1.0973, 1.0964, 1.0946 Resistance level: 1.0990