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Forex: AUD/USD rises to daily highs

The Australian dollar managed to shrug-off subdued Chinese data published over the weekend and erased losses against the greenback to trade firmer on the day. A positive turned in US stocks helped to boost commodity currencies during the NY session, which are among the best performers on Monday.

AUD/USD has climbed over 50 pips within the last hours and reached a high of 1.0269 in recent dealings. At time of writing, AUD/USD is trading around 1.0260, recording a 0.2% gain on the day.

From a technical view, Valeria Bednarik, chief analyst at FXstreet.com notes that the overall bias remains to the downside, "yet unless a clear break below 1.0180, the pair is set to continue ranging, with 1.0280 as top for today". The analyst sees immediate resistances at 1.0280 and 1.0310, while she locates supports at 1.0220, 1.0180 and 1.0145.

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