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Forex pairs in this Article » EUR/USD
FXstreet.com (Barcelona) - With both precious metals and industrial metals rallying hard on news of a possible investigation into investment banks’ manipulative activities in the metals markets, “stuff” currencies like the Aussie Dollar are showing strength Monday.

AUD/USD remains depressed overall, but is rallying on the commodities rally

The AUD/USD cross is trading up 0.48% at 0.9222 as of 12:05am GMT as a byproduct of the news-induced commodities rally Monday. Gold, silver and copper all are in rally mode Monday on news that Goldman Sachs, JP Morgan and the other major global investment banks may soon be investigated for questionable practices in the commodities space by the CFTC and/or the SEC. The rally in the metals has trickled over to the currencies of countries whose economies are heavily commodities-based – like the Aussie Dollar.

AUD/USD still merely bouncing in a bear market

Despite Monday’s early rally, the AUD/USD appears to be going through a typical bear market bounce / consolidation according to technicians. Short-term support for AUD/USD is Thursday’s pivot low of 0.9137 followed by the 7/12 closing low of 0.9048. First resistance for AUD/USD comes in at the 7/11 intraday high at 0.9304 with a Fibonacci projection of 0.9392 above that.
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