Forex: AUD/USD reaches fresh 4-month high

FXstreet.com (Córdoba) - Underpinned by the positive market sentiment, the Australian dollar extended gains versus the greenback during the American session. AUDUSD broke above the 1.0550/60 resistance area during the Asian trade after better-than-expected Chinese data, and following a consolidation phase, it recently stretched toward its highest level in 4 months at 1.0589.

At time of writing, the pair is quoting at the 1.0585 zone, recording a 0.7% daily gain. If the AUD manages to strengthen further, next resistances could be found at 1.0600 (psychological level), 1.0625 (Sept 14 high) and 1.0637 (daily high Mar 19). On the contrary, the cross could find supports at 1.0560 and 1.0545 (intraday levels) ahead of 1.0500.