AUD/USD regains 0.69 as copper rebounds

By FXStreet FXStreet (Mumbai) – The ongoing recovery in AUD/USD from multi-year lows gathered pace over the last hours, with the bulls conquering 0.69 handle.

AUD/USD heading towards hourly 50-SMA

Currently, the AUD/USD pair rises 0.70% at fresh session highs of 0.6916, hovering at 5-DMA. The Aussie takes on the solid recovery from seven-year lows reached at 0.6824 on Friday and now extends beyond 0.69 handle, completely ignoring the worsening slump on the Asian markets amid falling oil prices.

A renewed bout of buying interest in the AUD/USD pair is mainly on the back of strong rebound staged by the copper prices. The copper futures on the COMEX jumps +1.13% to $ 1.97/ pound, bouncing-off multi-year lows struck at 1.937 levels.

However, the recovery looks fragile as falling stocks as well as oil prices continue to hamper investors’ moods. Next of importance for the AUD remains tomorrow’s China data-deluge, including the GDP, industrial production and retail sales. While the US CPI report will also have major impact on the Aussie pair.

AUD/USD Levels to watch

The pair heads higher and finds the immediate resistance at 0.6924 (1h 50-SMA) above which gains could be extended to the next hurdle located at 0.6995/0.7005 (1h 200-SMA/ Jan …read more

Source:: FX Street