The Australian dollar has given up some of its recent gains against the Greenback, retreating to the 1.1030 zone, tracking gold moves, which is also pulling back from a fresh all-time high set at $1,631.20 an ounce in recent trade.
AUD/USD however, seems to have found support at the 1.1030 zone and it is currently trading around 1.1040 where it is 0.68% above its opening price and near its new post-float record high struck earlier at 1.1078. Australian Dollar gains were propelled by higher-than-expected CPI figures published during the Asian session, which signal the RBA may need to further tighten monetary policy in the near-term, coupled with a broad-based weak Greenback.
Nick Nasad, analyst at FXTimes sees the first target to the topside between 1.1225-1.1245, and then halfway between there and the 1.1295 level, around 1.1265 for further upside gains in the pair. "Such a rally may first be prefaced with a throwback, but I expect any throwback to be a shallow one", said Nasad.
AUD/USD however, seems to have found support at the 1.1030 zone and it is currently trading around 1.1040 where it is 0.68% above its opening price and near its new post-float record high struck earlier at 1.1078. Australian Dollar gains were propelled by higher-than-expected CPI figures published during the Asian session, which signal the RBA may need to further tighten monetary policy in the near-term, coupled with a broad-based weak Greenback.
Nick Nasad, analyst at FXTimes sees the first target to the topside between 1.1225-1.1245, and then halfway between there and the 1.1295 level, around 1.1265 for further upside gains in the pair. "Such a rally may first be prefaced with a throwback, but I expect any throwback to be a shallow one", said Nasad.
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