Forex | Forex | Commodity currencies lead the way (12/08/2009 15:50:00)

Commodity currencies lead the way

FXstreet.com (Buenos Aires) - Optimism has also triggered a strong rally in commodities, as gold approaches to $950.00/Oz. while crude quotes above $ 73.00 a barrel. Commodity currencies have turned into the major winners today against dollar.

AUD/USD raised 150 pips from intraday low and quotes above 0.8320/30 now turned into support level. 0.8360 and 0.8400 are immediate resistance levels to consider; over bought in smaller time frames, short corrective movements will find support at 0.8300 and 0.8270.

USD/CAD erase almost all yesterday’s loses and quotes at 1.0880; 4 hours charts suggest further downside pressure, wit supports at 1.0865 1.0810 and stronger 1.0770 that should keep the downside capped. Above 1.0900, correction could extend to 1.0930 and 1.0950 zone.

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