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AUD/USD bounces and rises back above 0.7000

FXStreet (Córdoba) - AUD/USD managed to erase losses and rose back above 0.7000 as the US dollar extended losses versus commodity currencies.

AUD/USD finds support at 0.6930/35 (again)

The pair dropped during the Asian session and bottomed at 0.6933, 1 pip below yesterday’s lows and hit the weakest level since September 8. The area around 0.6930/35 offered support again and from there the Aussie started to recover.

Initially climbed to 0.6975 and then broke above and gained further momentum. Recently printed a fresh daily high at 0.7016. Currently it trades at 0.7012/15, near the highs, holding a bullish tone in the short term.

AUD/USD levels to watch

The mentioned support at 0.6930/35 remains an important level a break below could open the doors for a decline toward 0.6900, where 2015 lows area located.

On the opposite direction, the immediate key resistance could be seen at 0.7040, that limited the upside on Thursday and Friday. A break higher could push the pair toward 0.7100. Above, the key resistance level might be the 0.7200 zone. AUD/USD traded above 0.7200 during September but it failed to post a daily close on top.

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